Justice government proposes 10% personal income tax cut

During the press conference, Gov. Justice also announced that West Virginia’s cumulative revenue for fiscal year 2022 ended at $1.308 billion more than estimate — breaking the all-time record for the largest single-year revenue surplus in state history.

“We have been on track to break this record throughout the year. Month after month, we broke record after record. So it’s only fitting that we are now in a position to cap it by setting a new standard for the largest revenue surplus ever,” Governor Justice said. “It’s an incredible achievement. The people of West Virginia should be proud of what we have accomplished.

Total collections for the historic revenue year were $5.888 billion — 22.1% higher than the prior year’s adjusted collections — marking the first time in state history that final collections for a single year exceeded $5 billion.

The Governor was joined by West Virginia Department of Revenue Secretary Dave Hardy for the announcement.

“What we have been able to accomplish under Governor Justice’s leadership is truly unprecedented in the history of West Virginia and it is all the more impressive when you remember that the Governor inherited a budget deficit of $500 million when he first took office,” Sec. said Hardy. “For perspective, our total revenue growth in fiscal year 2022 alone was three and a half times the combined revenue growth in West Virginia for the entire decade from fiscal years 2009 through 2018. “

The June 2022 collections exceeded the $201 million estimate. Total monthly receipts of $662.4 million were 33.7% higher than the prior year receipts.

The record surpluses, which paved the way for a major personal income tax cut, are the result of West Virginia’s recent economic success and the maintenance of an essentially stable budget for several consecutive years.

“I have said time and time again that my number one job as governor is to ensure the economic success of our state and I am more than proud to say that we are succeeding in a big way – more than any naysayer has. never dreamed what we could do in West Virginia,” Governor Justice said. “But we can’t stop now. We’ve gone too far. Our next step must be to secure long-term prosperity in Virginia— West, and the best way to do that is to reduce – and eventually eliminate – our income tax.

“I have been the biggest supporter of completely eliminating our personal income tax. It will drive job growth, population growth and prosperity in West Virginia. But the most important thing to do is get the ball rolling right away. Then we can keep coming back and lowering our personal income tax until it’s completely eliminated,” Governor Justice continued. “When you look at states like Florida, Texas, and Tennessee, they don’t have personal income taxes and their state economies are growing like crazy. There is a direct correlation. People move to states with no income tax because they can keep more of their hard-earned wages, which spur ever greater economic activity. It’s a cycle of kindness producing good, and that’s what we want in West Virginia.

“Throughout my tenure as governor, I have never wanted anything for myself. All I have ever wanted is goodness for our state and our people; to embark us on a rocket ship to prosperity This is what the people of this state trusted me when they elected me and that faith has largely paid off Now I ask West Virginia to trust me again and allow me to move us forward on what is a unique opportunity to fundamentally change the economic potential of our state forever.

The governor was also joined by Secretary of State for Tourism Chelsea Ruby and Secretary of Economic Development Mitch Carmichael.

“I have been very fortunate to sit next to the governor for many events as we have made some landmark announcements in this state, but of all of those, today might be one of the most important” , Dry. Ruby said. “I’m not a tax expert, but I’m a numbers person, and the numbers are amazing. The numbers we see in our state revenues mirror very closely what we see in tourism. All of our metrics are up, and one of the most encouraging things we’re seeing is that people are starting to move here. West Virginia is currently tied with South Carolina as the second inbound state nationwide. Governor, I want to thank you for leading the transformation of this state.

“Governor, I would like to thank you so much for your diligence, persistence, and consistency in lowering taxes for the people of West Virginia. More than anything, lowering taxes will generate growth jobs and opportunities for our state,” Sec. said Carmichel. “Your first year as governor was my first year as president of the Senate, and we faced a $500 million budget shortfall. But fast forward to today, and we announce a $1.3 billion surplus and the possibility of lower taxes. Along with all of this tremendous growth and opportunity, we have brought world-class companies to our state over the past few months. These are all opportunities for more jobs, more growth for the citizens of West Virginia. It is truly life changing for our people, and I am so proud to be part of the organization you lead to help bring prosperity to West Virginia.

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