CHARLESTON, W.Va. (WOWK) — The West Virginia House has passed Gov. Jim Justice’s income tax cut bill. It now goes to the Senate to be voted on.
Justice proposed a 10% personal income tax reduction on July 6, which he says will put $254 million, “back into the hands of the people of West Virginia.”
The proposed tax cut will be retroactive to Jan. 1, and the governor’s office says that it will put $254 million back into West Virginians’ pockets.
I’ve been the biggest proponent of completely eliminating our state personal income tax. It will drive job growth, population growth, and prosperity in West Virginia. But the most important thing to do is get started right away. In the past year, gas prices have gotten out of control and inflation is through the roof. West Virginians need help right now.
Once we get the ball rolling, we can keep coming back and chipping away at our personal income tax until it’s completely eliminated. When you look at states like Florida, Texas, and Tennessee, they have no personal income tax and their state economies are growing like crazy. There is a direct correlation. People are moving to no-income-tax states because they can keep more of their hard-earned paycheck, which spurs ever greater economic activity. It’s a cycle of goodness producing goodness. That’s what I want in West Virginia, and I hope that the Legislature will agree with me and pass this bill.WEST VIRGINIA GOV. JIM JUSTICE
Below is a chart detailing tax cuts by income level under the proposed plan:
|Amount Made by Individual||Percentage Cut|
|$0 to $10,000||33% tax cut|
|$10,000 to $25,000||19% tax cut|
|$25,000 to $40,000||16% tax cut|
|$40,000 to $60,000||11% tax cut|
|More than $60,000||9% tax cut|
The governor’s office says that tax brackets will remain the same, and tax rates will drop for every income level.