Justice

Governor Called For a MASSIVE Income Tax Cut

Governor Jim Justice wants the West Virginia legislature to cut personal income tax by 10%. Justice gave a proclamation assembling a special session with the sole goal of getting legislators to pass his proposition, which would return $254 million back to West Virginians.

The proposal requires the 10% decrease of personal income tax to be retroactively applied to Jan. 1, 2022. Justice has actually argued that the modification in state tax policy will bring relief to homeowners presently having a hard time due to increasing inflation.

“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,” Justice said in a statement, per WTRF Wheeling.

“Once we get the ball rolling, we can keep coming back and chipping away at our personal income tax until it’s completely eliminated,” Justice added.

Justice has actually pressed to reverse the state’s income tax on numerous ocassions..

In February of 2021, he proposed phasing out the personal income tax throughout his State of the State address. Income tax had actually generated $1.9 billion throughout the previous year.

Justice recommended that, in order to help with the shift, lawmakers might release a number of brand-new tax efforts consisting of a tiered severance tax for coal, oil, and gas, a 1.5% greater customer sales and utilize tax, and a wealth tax. Other tips consisted of increasing the taxes on tobacco and soda or getting rid of tax exemptions for expert services. The guv likewise prompted the lawmakers to make $25 million in cuts in state federal government.

Justice argued that ending up being an income-tax-free state throughout four years would draw companies to West Virginia and eventually help in future development.

“I have a bill in front of you to propose the attraction of remote workers to West Virginia,” Justice said during his address. “It’s a fundamental change and a modernization in how we look at corporate tax and the corporate tax structure in how we move towards making West Virginia attractive for remote workers. We want to do it.”

Justice’s no-income-tax proposal was narrowly passed by the state Senate in an 18-16 vote in April. In May of 2021, the West Virginia House of Delegates unanimously blocked the bill in a 0-100 vote. Delegates mentioned issues that raising the sales tax to 8% would drive locals out of state to shop and, in turn, hurt businesses in the state.

Regardless of previous the defeat, Justice is continuing to promote for a decrease in personal income tax. His proposition to cut the tax by 10% does not consist of a proposition to raise any other state taxes or modify the personal tax bracket.

A 10% decrease is the biggest cut the state can enact while staying in compliance with the American Rescue Plan Act, per AP News.

“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,” Justice said during his July 20 statement. “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,” the governor said.

The special session will adjourn at twelve noon on July 25.

H/T Timcast

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