West Virginia Legislators and Governor Jim Justice have passed a substantial tax cut which will immediately cut taxes for all West Virginians by 21.25%, which will total $750 million taken from the hands of government and back where it belongs: in the taxpayers’ wallets. The bill also institutes revenue triggers that will put West Virginia on the path to completely phasing out the income tax. There will also be a rebate of the car tax, a 50% rebate of the property tax on machinery and small businesses, and additional tax credits for West Virginia veterans.
“This is amazing news for Mountain State taxpayers, plain and simple. Millions of dollars have been put back where it belongs: in the hands of the people,” said Grover Norquist, President of Americans for Tax Reform. “Congratulations to Governor Jim Justice, Speaker Roger Hanshaw, and Senate President Craig Blair who helped advance this historic bill. Your efforts have made West Virginia a better place to live and raise a family.”
This tax cut will add West Virginia to a growing list of states which are cutting their income tax rates, which has proven to be driver of increased population in states which have adopted lower taxes. Meanwhile, Democrat-run, high tax states such as New York and California are losing tens of thousands of residents every year as they look for greener pastures such as Florida, Texas, and soon, West Virginia.