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February 23, 2024

Social Security Plan To Phase Out Taxes

Newsweek – Lawmakers in West Virginia have approved a bill that will see state income tax on Social Security benefits be gradually phased out.

Read the full article.

Republican Governor Jim Justice announced in January during his annual budget proposal that he wished to see all state-levied taxes on Social Security axed. The plan has taken a step further toward becoming law after it was passed in the West Virginia House of Delegates on Thursday.

This is part of a wider series of tax cuts that have been enacted in West Virginia. In 2023, state income tax rates were reduced by more than 20 percent, the largest tax cut in West Virginia’s history, officials said. While some have praised the latest proposed cut on Social Security benefits as a “step in the right direction,” others have expressed concern over its effects on the state budget.

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