The gubernatorial candidates are busy campaigning on their varied plans for how to improve the state, but where does Virginia stand now? A few different reports released immediately provide an overview.
In terms of tax burden and financial stability, Virginia is about average, WVTF Public Radio reported. It falls in the middle of the pack when compared with the rest of the nation’s tax burden, but Virginia does rely more on income tax than other states—more than half of its revenue is from income taxes rather than roughly one-third like most other states.
As for financial stability, Bill Bergman from Truth in Accounting gives the state a ‘C’ grade because it’s taken on debt, some of which has been hidden, over the years, and there aren’t enough assets to cover it. For example, while net pension liability is included on the state balance sheet, healthcare costs for retirees are significant and not listed on the balance sheet.
Meanwhile, the most recent Rich States, Poor States report from the American Legislative Exchange Council ranked Virginia 11th for economic outlook and 23rd for economic performance. These state-by-state economic competitiveness ratings are determined by a review of 15 different state policy variables, including tax rates, state minimum wage rate, workers’ compensation costs, right to work legislation, GDP and job growth, and domestic migration.
Finally, the most recent data from the Labor Department’s Bureau of Labor Statistics found that Virginia’s unemployment rate is now at a nine-year low.
