Posted by Staff Writer on 12/20/2017 to Federal and State Taxes
IncSmart Virginia (Small Business and Startups) - Virginia ready for the new defense budget. President Trump signed into law on December 12, a $700 billion defense budget. The new budget is known as the National Defense Authorization Act. The law funds new priorities for the military. The budget includes $26 billion for 14 new ships, $6 billion for Virginia Class Submarines, and $5 billion for aircraft carriers. The navy at this time has 270 vessels and would grow to 355 ships with the new bill. All reactors that will go into the nuclear carriers and submarines are built in Lynchburg.
The new defense budget will keep Virginians in the green for the next 15 years. Most of the naval work will be done in Virginia. Huntington Ingalls Industries, base in Newport News, is America's largest military shipbuilding company. Forbes Magazine has moved Virginia to number 5 after being number 6 in national and federal spending. Virginia is number 1 in per capita for federal spending. Virginia does have problems however. State taxes are very high.
Written by IncSmart Staff
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