Personal Taxes

Entrepreneurs have issues in regards to the proposed earnings tax return

BECKLEY, WV (WVNS) – Governor Jim Justice announced plans to remove state income tax for people living in West Virginia. To this end, the governor proposed an increase in state sales tax.

On Saturday, March 13, 2021, business owners across the community met with Raleigh County delegate Brandon Steele to express their frustration at the plan.

“We’re all for lower taxes, and that’s what we see overall, it’s going to lower taxes. But if you get into the meat of ok where these cuts are made, it’s ok for the individual, but we see a large number of taxes being played on business owners and yet for that individual who is supposed to enjoy the tax cuts themselves “Said Larry Steele.

Larry Steele works in the financial services industry and, like many other entrepreneurs who attended the meeting, thinks getting rid of income tax is a good idea. He just doesn’t agree with the governor’s approach.

“Probably one of the biggest problems I have is the speed with which we’re trying to make that cut and get it down to zero between now and the next three to four years. There really isn’t a lot of room there for fixing bugs that have occurred, ”said Larry.

“I think it was clear that not a single business owner here was supporting the plan as it was drawn up by the governor, and that is important to me,” said Delegate Steele.

Larry also wonders how this bill would affect his business.

“He gets the much higher tax on the regular purchases he makes. It’s more like a bottle of Coke, it can be alcoholic beverages, and it goes down to the financial products that make the individual purchases, ”said Larry.

Larry believed that if this bill gets passed, people will start buying products across state lines. Delegate Steele said he was glad he could come home for the weekend to hear business owners concerns about the proposed bill.

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