Tax and Budget

February 15, 2017 by Ted Boettner
Income Tax Cuts and Shifting to Sales Tax a Poor Strategy for Growing West Virginia’s Economy

Even though faced with a $600 million budget deficit, some West Virginia lawmakers are proposing reducing or eliminating the state’s income tax, and replacing that lost revenue with an increase in the sales tax. This plan is unlikely to produce the economic growth, instead it dramatically shifts tax responsibility responsibilities from the wealthy onto low…

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January 18, 2017 by Ted Boettner
Tackling West Virginia’s Budget Crisis

In less than a month, West Virginia's new governor, Jim Justice, will release his FY 2018 state budget that aims to close an estimated budget gap of $497 million or about 11 percent of the state general revenue fund (before leaving office outgoing Governor Tomblin released a FY 2018 state budget). While Governor Justice has…

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December 14, 2016 by WVCBP
Budget Crisis Threatens West Virginia Communities

West Virginia is facing a budget crisis likely to top $600 million this year. 70% of West Virginians want to maintain public schools, public safety and aging roads and bridges even if it means raising their taxes.

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November 2, 2016 by Ted Boettner
Revenues at Nine-Year Low So Far

Today, the state budget office released revenue collections for October which were $6.3 million below estimates.  While personal income tax collections where $14 million above expectations, sales and use and corporate income taxes were down $13 million and $5 million, respectively. So far, the state's General Revenue Fund is down $87.4 million over the first…

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October 14, 2016 by Sean O'Leary
West Virginia Budget at a Glance

Throughout the next couple of months, WVCBP staff will talk to dozens of organizations across the state about West Virginia’s fiscal condition: specifically how the state can fix its upcoming budget gap, estimated to be at least $300 million next year. Where do our budget dollars go in West Virginia? Where have cuts hit the…

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October 7, 2016 by WVCBP
WV Taxes at a Glance – Invite Us to Present to Your Group!

Throughout the next couple of months, WVCBP staff will talk to dozens of organizations across the state about West Virginia's fiscal condition: specifically how the state can fix its upcoming budget gap, estimated to be at least $300 million next year. Who pays taxes in West Virginia? What makes up our tax base? To help…

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October 7, 2016 by Sean O'Leary
West Virginia Taxes At a Glance

Throughout the next couple of months, WVCBP staff will talk to dozens of organizations across the state about West Virginia's fiscal condition: specifically how the state can fix its upcoming budget gap, estimated to be at least $300 million next year. Who pays taxes in West Virginia? What makes up our tax base? To help…

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September 29, 2016 by Ted Boettner
The Tax Foundation’s Business Tax Rankings Aren’t Useful

Yesterday, the Tax Foundation released its 2017 State Business Tax Climate Index (SBTCI) that purports to show that West Virginia now has the 18th-best state business tax climate in the country, ranking better than any of our surrounding states. Policymakers and others should exercise caution in drawing any positive conclusions from the report since the…

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August 18, 2016 by WVCBP
Modernizing West Virginia’s Marijuana Laws: Potential Benefits of Decriminalization, Medical Marijuana and Legalization

Over the last two decades, states across the country have modernized their marijuana laws to reflect the growing evidence that doing so will help reduce criminal justice costs, help treat some medical conditions, and boost tax revenues and their state’s economy. As of 2016, four states and the District of Columbia have legalized the recreational…

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May 18, 2016 by Ted Boettner
Governor’s Proposed Tax Increases Smaller than Past Tax Cuts

Last week, Governor Tomblin issued a proclamation to call the legislature into a special session to address the state's impeding budget crisis on Monday. This announcement came on the heels of a recent downgrade in the state's bond rating from Standard & Poor's Rating Service. Due to a lack of consensus between the legislature (mostly the…

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