Personal Taxes

Persons are incriminating Senate invoice to chop revenue tax

CHARLESTON, WV (WOWK) – West Virginia state legislature is grappling with a controversial issue that would directly affect anyone in the state of Mountain.

Should West Virginia Eliminate State Income Taxes?

That is the proposal to lower the state income tax and ultimately eliminate it.

The West Virginia House of Representatives now has its own plan to phase out state income tax.
However, those who spoke at the Finance Committee’s public hearing say lawmakers need to focus on other issues.

“West Virginia ranks 50th in the country for public health, 50th for infrastructure, and 45th for education, and we are still in a global pandemic. This quick and honestly irresponsible plan would eliminate 40 percent of our national budget, and for what? Tax cuts for everyday West Virgins worth about $ 14, ”said Bobbie Godbey of the WV National Organization for Women.

The house bill would:

  • Reduce income taxes by lowering tax rates to eliminate $ 150 million in taxes every year until it’s all gone.
  • Cut government spending by $ 50 million a year
  • First, eliminate the entire tax burden for those with the lowest incomes and tax rates

Some people say that tax reform is needed in the mountain state. “Replacing this tax revenue with a slight increase in sales tax is only acceptable to me because it shifts the tax from a mandatory tax on my hard-earned wages to a voluntary sales tax.” said Barry Holstien.

Brian Dayton of the West Virginia Chamber of Commerce says this bill fits well with the state’s economy.

“This bill deals with that tax and brings much-needed changes. It is important, however, that this bill does not shift the burden to other branches of the economy. This bill will put more money in the hands of the West Virgins. “

Brian Dayton, West Virginia Chamber of Commerce

As of now, the invoice does not have any sales tax increases. The bill would also allow the finance minister to transfer money from an income tax reduction fund to the general revenue fund.

This bill is very different from the tax plan proposed by Governor Jim Justice.
The bill is expected to have its third reading and final vote in lawmakers on Friday.

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