Some might argue that our vision for a Richmond that serves the many, not the few, is too costly. However, by implementing sensible adjustments to our tax system—particularly ensuring the wealthy contribute their fair share while providing more relief for those in poverty—we can afford to realize our ambitious plans.
Richmond's vision for a more equitable future is often met with concerns about affordability. Historically, Richmond has struggled with economic disparities and inadequate funding for essential services, perpetuating inequities and hindering progress toward a more inclusive city. At the heart of our approach lies the principle of fairness and shared responsibility. We believe that everyone should contribute their fair share to support vital community initiatives and services.
To address these challenges, we propose several key reforms to our tax system. Firstly, we propose advocating for state legislation to permit Richmond to implement a city income tax capped at 1.5%, ensuring fairness and affordability for residents. Additionally, we will reform property taxes by taxing individuals or companies with multiple properties at higher rates, alleviating the burden on single-property owners. To support low-income earners, we will provide property tax relief for those living below the poverty line. Furthermore, we will reallocate funds from bloated public safety budgets towards poverty-reduction policies, addressing the root causes of crime and creating safer communities.
We urge residents to support these tax reforms and advocate for their implementation at the state and local levels. Together, we can create a tax system that promotes fairness, equity, and prosperity for all. Here's how we'll pay for it: