The West Virginia House of Delegates recently passed a bill that would cut the state’s personal income tax by 2%. The bill was approved by a vote of 77-23 and now moves to the Senate for consideration.
If approved by the Senate and signed into law by Governor Jim Justice, the tax cut would go into effect on July 1, 2022. Proponents of the bill argue that reducing the personal income tax will make West Virginia more competitive with neighboring states and attract more businesses and residents.
However, opponents of the bill have raised concerns about the impact on the state budget and the potential for cuts to essential services. Some have also questioned whether a tax cut is the most effective way to stimulate the economy and create jobs.
Supporters of the bill have pointed to the success of recent tax cuts in other states, such as neighboring Ohio and Kentucky. They believe that reducing the personal income tax will encourage more spending and investment, ultimately benefiting the state’s economy in the long run.
The tax cut bill is part of a larger effort by state lawmakers to improve West Virginia’s business climate and attract more companies and jobs to the state. Governor Justice has indicated that he supports the tax cut and is hopeful that it will help West Virginia continue to grow and prosper.
Overall, the passage of the tax cut bill in the House is seen as a significant step towards achieving this goal and boosting the state’s economic competitiveness. The bill will now be considered by the Senate, where its fate will be decided in the coming weeks.
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