Thursday, June 13, 2024
HomenewsWest Virginia is Falling Behind in Receiving Tax Relief

West Virginia is Falling Behind in Receiving Tax Relief

There were two Republicans among the 34 state senators of West Virginia going into the 2011 elections. A Republican supermajority of 88 members, compared to just 12 Democrats, now controls the House of Delegates, which was predominately Democratic until the 2014 elections.

The 2023 legislative session began the same way it has been for years: with calls for tax reform from virtually every Republican and all legislative leaders. This legislature is predominately Republican, and the governor is a Republican.

Republicans do this on occasion. The local tax payments related to property tax reform will be compensated by state rebates that Senate Republicans have proposed.

It makes sense that the Senate would prioritize reducing the tax burden on tangible property, but it would be unfortunate to see the discussion drag on when tax relief is already possible.

At a price of slightly under $1.5 billion annually, H.B. 2526 would reduce rates by 3.25 percent in 2025. To achieve a top rate of 3.25 percent in 2025 at a cost of just under $1.5 billion annually once fully implemented, income tax rates would be cut in half over three years, from 2526 to 2526.

Since 2021, individual income tax rates have decreased in twenty-one of the states that have them. Of the seven states, West Virginia is the only one without any reasonably large tax relief.

The governor, the two chambers, and others should be able to work out a compromise that will significantly reduce income taxes for taxpayers while still taking into account valid concerns about pace.

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