Justice Governor Applauds House Passing Permanent 10% Personal Income Tax Cut
CHARLESTON, West Virginia – Governor Jim Justice today released the following statement after the West Virginia House of Delegates voted bipartisanly to pass his proposal to permanently cut the state’s personal income tax a total of 10%:
“I thank Speaker Roger Hanshaw, Finance Chairman Eric Householder, Majority Leader Amy Summers and members of the House of Delegates for voting overwhelmingly to pass my proposed tax cut on personal income.
“I encourage the Senate to vote in favor of my proposal.
“It’s a great deal for everyone in West Virginia. This tax cut will provide immediate relief to families paying the price of runaway inflation across the country while preparing us to bring generations of prosperity to West Virginia.
“In contrast, the tax plan proposed by the Senate favors big business over small business and the hard-working West Virginians by providing millions in corporate tax cuts with the elimination of the income tax. personal ownership of businesses. It places control of county budgets in the hands of the legislature, with no guarantee that the money will continue to flow if West Virginia experiences an economic decline. Do we really want to play a game of chance when it comes to our schools and our police, fire and emergency services? It’s a big expense with big risks.
“My proposal takes into account our store and capitalizes on the incredible economic successes we have had this year by giving back as much as we can at this time while respecting federal government guidelines.
“Furthermore, the Senate’s plan to eliminate property tax on vehicles will amount to roughly the same amount per family as a 10% reduction in personal income tax. But that’s the limit. This is just our first step in reducing personal income tax. Their plan would be a single cut. My proposal also allows West Virginia to continue eliminating personal income tax by 10% or more each year until it reaches zero. That’s 10 TIMES more savings than property tax on vehicles!
“Additionally, the vehicle property tax is a $152 million reduction, my proposal gives $254 million back to the people of West Virginia, which over the next 10 years would total more than 2.5 billions of dollars!
“Ultimately what the Senate is proposing is ‘Build the field and wish and hope they come.’ This is not wise.The personal income tax cut has been proven time and time again in many other states to be an economic and demographic driver beyond belief.
“My proposal offers the fastest way to return taxpayers’ money to hard-working West Virginians and puts West Virginia on the path to complete elimination of personal income tax. which will drive phenomenal growth for our state for generations to come. But we must act before it’s too late. With the incredible economic growth our state has achieved this year, now is the time to deliver that relief. major tax to our people.