Huntington Herald-Dispatch – In touting an anticipated additional incremental reduction in state personal income tax rates, Gov. Jim Justice and other tax cut advocates are engaging in an amusing bit of hypocrisy.
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Under the 2023 law that initially cut income tax rates by 21.25%, there’s a rather complicated formula for calculating additional incremental cuts in years going forward.
In a nutshell, if in the prior fiscal year, state economic growth — as measured by increases in state general revenue collections compared to base year 2019 – exceeds the national rate of inflation – measured by a 12-month average of the Consumer Price Index — then a tax cut is in order.
