WVPA Sharing

West Virginia Governor Justice income tax plan: Big cuts, but with big tax hikes

By Phil Kabler, Charleston Gazette-Mail

CHARLESTON, W.Va. — Gov. Jim Justice on Thursday unveiled the long-awaited details of his proposal to cut the state personal income tax — a plan that would use more than $900 million a year in tax hikes to partially offset a $1.07 billion reduction in income tax revenue.

Justice, who began advocating for the income tax cut shortly after winning reelection last November, revealed a plan that would cut income tax rates by 60% —reducing tax brackets that range from 3% to 6.5% based on income levels to 1.2% to a maximum of 2.6%.

That would reduce annual income tax revenue from about $2.1 billion a year to about $1.03 billion.

In a statement Thursday, Justice called it the “last big piece of the puzzle” needed to spur the state economy and bring population growth…

To read more: https://www.wvgazettemail.com/news/justice-income-tax-plan-big-cuts-but-with-big-tax-hikes/article_9daacbe1-65d6-5d4d-a2c4-eb3c158bd9b0.html

Comments are closed.

Subscribe to Our Newsletter

Subscribe to Our Newsletter

And get our latest content in your inbox

Invalid email address