West Virginia’s revenue secretary and state auditor have certified a 4% reduction in the state’s income tax, according to a report from the Bluefield Daily Telegraph. This reduction comes as a part of Governor Jim Justice’s plan to gradually eliminate the state income tax.
This certification by Revenue Secretary Dave Hardy and State Auditor J.B. McCuskey is a significant step towards implementing the tax reduction. Governor Justice has been advocating for this reduction in order to spur economic growth and make the state more competitive with neighboring states.
The reduction in income tax is expected to benefit nearly all West Virginians, with the average taxpayer projected to save around $324 annually. This savings could provide a much-needed boost to residents who have been financially impacted by the COVID-19 pandemic.
While some critics have expressed concerns about the potential impact on the state’s budget, Governor Justice is confident that the reduction in income tax will ultimately benefit the state by attracting new businesses and residents. By making West Virginia more attractive for potential investors and residents, the state could see an increase in revenue from other sources.
Overall, the certification of the 4% income tax reduction marks an important milestone in Governor Justice’s plan to revitalize West Virginia’s economy. As the state continues to recover from the effects of the pandemic, this tax cut could provide a much-needed stimulus for both residents and businesses.
Source
Photo credit news.google.com