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…
Tax and Budget
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…
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.
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…
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…
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…
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…
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…
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…
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…