By Steven Allen Adams, The Parkersburg News and Sentinel
CHARLESTON — As Gov. Jim Justice prepared to meet with lawmakers Friday to sell his personal income tax cut and tax increase plans, leaders of the Legislature’s two finance committees said they were keeping an open mind on Justice’s proposals.
Justice released details and draft bill language Thursday for a one-year 60 percent cut in most personal income tax classifications along with a $52 million tax rebate for families making less than $35,000 per year. The total tax reductions total more than $1.087 billion.
The Justice tax reform plans also includes $902.6 million in proposed tax increases, including a 1.9 percent increase in the consumer sales and use tax; removal of sales tax exemptions on certain professional services; a tax on certain luxury goods; tiered rates for coal, natural gas, and oil severance taxes that increase as the prices for those fossil fuels increase; and increased taxes on cigarettes, tobacco products, e-cigarettes, beer, wine, liquor, and soda.
Speaking Friday from the State Capitol Building in Charleston during his fourth virtual town hall promoting the tax reform plan, Justice said West Virginia needs to do something big to not only reverse the exodus of residents from the state, but incentivize people to move to West Virginia to live, work, and play…