West Virginia Center on Budget and Policy: House Personal Income Tax Cut Plan Largely Benefits Wealthy, Not Fiscally SustainableITEP Work in Action
The West Virginia Legislature has introduced a bill to cut and eventually eliminate the state’s personal income tax. The House Finance Committee voted to advance that bill to the House floor with no discussion or questions asked. Like previous attempts to eliminate the state’s income tax, HB 4007 would lead to major revenue losses for the state, while giving most of the tax cuts to high income West Virginians.
On average, the wealthiest 20 percent of West Virginians would receive 70 percent of the initial tax cut, with the wealthiest one percent of West Virginians receiving 16 percent of the tax cut.