Mountain State Spotlight – Days after the end of the fiscal year on July 1 showed West Virginia’s revenues well above official estimates, Gov. Jim Justice faced a camera in his Capitol office and announced his plans to keep West Virginia on the economic “rocket ship ride” he’s long promised: a 10% income tax cut.
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Joining Justice was state Revenue Secretary Dave Hardy, who endorsed the plan. The $1.3 billion 2022 surplus, he said, was a sign that the state could weather the permanent income tax cut, which Justice said he expects to cost the state about $250 million annually.
“We would not recommend this to the governor if we thought this would result in raising other taxes or this was not sustainable in the future,” Hardy said during the press conference. “We always look to the future. We’re always thinking two or three years out on all the projections that we do … $250 million is a safe number to do.”
