Recently, Ken Cuccinelli (R) attached a hefty price tag to Terry McAuliffe’s (D) gubernatorial promises.
McAuliffe has now fired back with his own price tag on the Republican nominee’s promises and accused the Republican of “making up numbers,” according to Ben Pershing’s piece in The Washington Post.
McAuliffe’s assessment of Cuccinelli’s economic blueprint totals $8 billion, significantly less than what Cuccinelli says it will cost taxpayers if McAuliffe finds himself in the governor’s mansion.
Among the $8 billion in cost, the McAuliffe camp estimates that Cuccinelli’s proposed reduction in personal and corporate income taxes will cost $1.4 billion per year. Cuccinelli has said he will make up this cost by closing loopholes in the tax code, but the McAuliffe report assumes these offsets will not be found. Virginia would have to cut spending by another $5.6 billion over four years, or localities would have to raise their own taxes to fill the gap.
The McAuliffe report also notes a comment from Republican lieutenant governor candidate E.W. Jackson. Jackson, with later suggested support from Cuccinelli, hoped to eliminate the corporate tax entirely, an elimination that McAuliffe estimates would cost $2.4 billion over four years. However, Cuccinelli’s campaign has never announced support or rejection of Jackson’s proposal.