West Virginia’s Income Tax Cut: Good News for Residents
State Sees Increase in Revenue, Announces 4% Reduction in Income Tax
CBS NEWS says that people in West Virginia will pay less income tax starting January 1. This change was made by The governor, Jim Justice. He said the state has more money than they thought they would, which means the tax rate can go down. People in West Virginia should be happy about this.
The government can lower the income tax again if the state gets more money than they thought they would. This was written into law last year. The rule lets them cut the tax by up to 10%. Because he thinks it will help the state’s business grow, Governor Justice wants to get rid of the old income tax. But for now, he’s fine with a little income tax.
Will West Virginia’s Income Tax Cut Come at a Cost to Public Services?
A lot of people are afraid that lowering the income tax will be bad. Some people think it could hurt the state’s budget. The income tax brings in the most money for the state. If they cut it too much, they might not have enough money to pay for things like schools and child care. When it comes to taxes, the governor and politicians need to be very careful.