WTAP – Governor Jim Justice hosted a town hall Monday in Charleston to discuss legislation to cut the West Virginia state income tax by 50% over the next three years.
Watch the full segment.
The legislation, House Bill 2526, is currently under consideration by the Senate Finance Committee. During his town hall, Justice said he remains hopeful of the bill’s chances to pass the Senate. Justice said during his town hall that the tax cut would “explode growth” in West Virginia and bring new people to the state, putting one billion dollars back into the hands of West Virginians.
However, analysis from the West Virginia Center on Budget and Policy paints a more nuanced picture. For one, the Center’s executive director Kelly Allen said income tax cuts disproportionately affect the wealthy. The Center projects that those earning more than $467,000 would receive 65% of the tax cut. A household earning between $39,000 and $65,000 a year would only save about 58 dollars a month.
