West Virginia’s budget increased cumulatively less than pop+inf in state funds but more than pop+inf in all funds from 2014-23, meaning taxes are lower in state funds but are higher in all fund than the average taxpayer can afford.
- The 2023 state funds budget is $733 million lower than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew slower than population growth plus inflation for the last ten years, the state spent and taxed $6.0 billion less than possible.
- The 2023 all funds budget is $1.4 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the all funds budget grew faster than population growth plus inflation over the past decade, the state spent and taxed $6.3 billion too much.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $13.48
- FY 2025 Only State Funds Budget Limit ($ Billions): $14.15
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 4.96%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: ($414)
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: ($1,657)
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: ($3,407)
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: ($13,626)
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $19.67
- FY 2025 All Funds Budget Limit ($ Billions): $20.64
- FY 2025 All Funds Budget Limit Growth ($ Billions): 4.96%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: $811
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: $3,243
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: $3,549
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: $14,198
Other Considerations
- Economic Freedom of North America (2021) (Rank): 40 [Fraser Institute]
- Economic Freedom (2022) (Rank): 35 [Cato Institute]
- Fiscal Policy (2022) (Rank): 37 [Cato Institute]
- Regulatory Policy (2022) (Rank): 29 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $3,391 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 30 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $4,479 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 9.80% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 22 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 6.50% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 38 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): P [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 22 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 6.50% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 27 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 6.55% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 20 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 0.57% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 44 [Tax Foundation]
- Economic Outlook (2024) (Rank): 23 [American Legislative Exchange Council]
- Economic Performance Rankings, 2012-2022 (2024) (Rank): 49 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 32 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): Y [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $12,650 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 27 [US Government Spending]
- Official Poverty Rate (2021-23) (%): 15.3 [Census Bureau]
- Official Poverty Rate (2021-23) (Rank): 45 [Census Bureau]
- Supplemental Poverty Rate (2021-23) (%): 11.8 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 55.30% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 49 [Bureau of Labor Statistics]