West Virginia’s Income Tax Cut: Good News for Residents
State Sees Increase in Revenue, Announces 4% Reduction in Income Tax
According to CBSNEWS, From January 1st, people in West Virginia will pay less income tax. The governor, Jim Justice, announced this change. He said that the state has more money than expected, so they can lower the tax rate. This is good news for people who live in West Virginia.
The government signed a law last year that says they can lower the income tax again if the state gets more money than expected. This law says they can lower the tax by up to 10%. Governor Justice wants to get rid of the income tax altogether because he thinks it will help the state’s economy grow. But for now, he’s happy to lower the tax a little bit.
West Virginia’s Income Tax Cut: Good News for Residents, But Will It Come at a Cost to Public Services? (PHOTO: GOOGLE)
Will West Virginia’s Income Tax Cut Come at a Cost to Public Services?
Some experts are worried about lowering the income tax too much. They think it might cause problems with the state’s budget. The state’s largest source of money is the income tax, and if they lower it too much, they might not have enough money to pay for important things like schools and childcare. The governor and lawmakers need to be careful when making decisions about taxes.
