In Thursday's edition of the Charleston Gazette, gubernatorial candidate Bill Maloney echoed a familiar refrain, arguing that the state needs to reduce its business taxes to achieve economic growth, citing "supply-side economics." It's an issue I've discussed before, and the latest evidence continues to confirm that low business taxes are not associated with stronger economic growth, nor do they make…
Tax and Budget
While there is a plenty of disagreement over how to handle the federal deficit and debt, one area almost everyone agrees on is the need for corporate tax reform. But while everyone agrees that the loopholes, deductions, and giveaways in the corporate tax code should be reigned in, both sides of the aisle also say…
As the debate over the federal budget deficit and federal debt heat up, many, including plenty in West Virginia, have argued that the policies enacted since 2009 have pushed the deficit to its current heights, and only by reigning in this out of control spending can the deficit be reduced. But, the fact remains, the economic…
The West Virginia Center on Budget and Policy's guide -- “Property Taxes: A West Virginia Primer” -- explains how property taxes work and some of the important public services they fund. For hard copies please contact Linda Frame. Read
On April 26, 2011 Senator Manchin endorsed a plan to limit total federal spending to 20.6 percent of the Gross Domestic Product (GDP). While on the surface the plan looks like a benign proposal to handle the federal deficit and debt, it would eventually lead to major cuts in Medicare, Medicaid, and possibly Social Security.…
With the April 18 tax filing deadline fast approaching, we've the CBPP assembled these charts to provide a big-picture look at the U.S. tax system.
Last week, members of Congress avoided a government shutdown and came to an agreement to fund the federal government for the rest of the fiscal year. Over all the agreement contains a $38 billion reduction in appropriations for FY 2011, compared to FY 2010. Included in the agreement is a 0.2 percent across the board…
Acting Governor Tomblin's Fiscal Year 2012 budget survived the legislative process relatively intact and contained no major cuts or new taxes. West Virginia remains in a fiscally stable position. Read
A recent editorial in the Daily Mail claims that West Virginia's recent business tax cuts have resulted in surplus revenues for March 2011 ($25.7 million) and fiscal year to date ($79.5 million). Following a similar pattern, there was no evidence provided for this assertion other than anecdotal platitudes. In making its case, the Daily Mail…
Last week, the Center on Budget and Policy Priorities updated their list of states with budget shortfalls in FY 2012. As you can tell from the chart below - or from reading the paper last week - the Mountain State is one of 6 states that does not have a budget shortfall in the upcoming…