Dear Members of the Virginia Legislative Committee,
I write to respectfully oppose HB 978, Taxation in the Commonwealth, as a concerned citizen and advocate for small businesses in Richmond. As someone deeply connected to the local economy, I witness firsthand how taxes and inflation are crippling small business clients, particularly in the restaurant sector, and I fear this bill will exacerbate an already dire situation.
HB 978 introduces new tax measures that will increase the financial burden on small businesses across Virginia. Specifically, the bill raises the corporate tax rate for businesses with annual revenues exceeding $500,000, a threshold that captures many small to medium-sized enterprises struggling to recover from economic challenges. Additionally, it imposes a new sales tax surcharge on certain service industries, including restaurants, which are already operating on razor-thin margins. These measures, while perhaps intended to generate revenue for the Commonwealth, fail to account for the cascading effects on job creators and local economies. Many small businesses, particularly in hospitality, are still reeling from pandemic-related losses and inflationary pressures. Adding these tax burdens risks pushing them over the edge, leading to closures and job losses.
As someone who works closely with Richmond’s small business community, I see the human toll of such policies. Restaurants, a cornerstone of our local culture and economy, are barely surviving under current conditions. Owners are forced to raise prices, cut staff, or reduce hours just to keep the lights on. The additional taxes proposed in HB 978 could be the final straw, potentially destroying the restaurant industry in the foreseeable future. These businesses are not just numbers on a balance sheet; they are families, employees, and community hubs that define Richmond’s character. If they disappear, we lose more than revenue—we lose the heart of our neighborhoods.
I understand the need for fiscal responsibility and the complex challenges facing the Commonwealth. However, I respectfully urge the committee to consider the unintended consequences of HB 978 on Virginia’s small business owners, who are already stretched to their limits. Policies that further strain these vital contributors to our economy risk long-term damage that outweighs short-term gains.
In conclusion, I firmly oppose HB 978 due to its detrimental impact on small businesses, especially in the restaurant sector. Protecting these enterprises is critical to preserving jobs, community vitality, and economic stability in Richmond and beyond. I respectfully ask the committee to reconsider this legislation in light of the severe challenges already facing our local businesses.
Sincerely,
F Neal Thompson
Richmond, Virginia
Dear Members of the Virginia Legislative Committee, I write to respectfully oppose HB 978, Taxation in the Commonwealth, as a concerned citizen and advocate for small businesses in Richmond. As someone deeply connected to the local economy, I witness firsthand how taxes and inflation are crippling small business clients, particularly in the restaurant sector, and I fear this bill will exacerbate an already dire situation. HB 978 introduces new tax measures that will increase the financial burden on small businesses across Virginia. Specifically, the bill raises the corporate tax rate for businesses with annual revenues exceeding $500,000, a threshold that captures many small to medium-sized enterprises struggling to recover from economic challenges. Additionally, it imposes a new sales tax surcharge on certain service industries, including restaurants, which are already operating on razor-thin margins. These measures, while perhaps intended to generate revenue for the Commonwealth, fail to account for the cascading effects on job creators and local economies. Many small businesses, particularly in hospitality, are still reeling from pandemic-related losses and inflationary pressures. Adding these tax burdens risks pushing them over the edge, leading to closures and job losses. As someone who works closely with Richmond’s small business community, I see the human toll of such policies. Restaurants, a cornerstone of our local culture and economy, are barely surviving under current conditions. Owners are forced to raise prices, cut staff, or reduce hours just to keep the lights on. The additional taxes proposed in HB 978 could be the final straw, potentially destroying the restaurant industry in the foreseeable future. These businesses are not just numbers on a balance sheet; they are families, employees, and community hubs that define Richmond’s character. If they disappear, we lose more than revenue—we lose the heart of our neighborhoods. I understand the need for fiscal responsibility and the complex challenges facing the Commonwealth. However, I respectfully urge the committee to consider the unintended consequences of HB 978 on Virginia’s small business owners, who are already stretched to their limits. Policies that further strain these vital contributors to our economy risk long-term damage that outweighs short-term gains. In conclusion, I firmly oppose HB 978 due to its detrimental impact on small businesses, especially in the restaurant sector. Protecting these enterprises is critical to preserving jobs, community vitality, and economic stability in Richmond and beyond. I respectfully ask the committee to reconsider this legislation in light of the severe challenges already facing our local businesses. Sincerely, F Neal Thompson Richmond, Virginia