west virginia income tax rate 2023 West virginia income tax repeal: evaluating plans
West Virginia is currently facing a tough tax situation, as highlighted in a recent data analysis conducted by the Institute on Taxation and Economic Policy (ITEP) and the West Virginia Center on Budget and Policy. The analysis revealed that the proposed Senate tax plan is a bad deal for West Virginia, as it puts the burden of taxation on low and middle-income households while providing hefty tax cuts to the wealthiest West Virginians.
The Data on West Virginia Tax Cuts
Based on the data, it is evident that the share of pre-tax income that goes to the top 1% in the state is more than the combined share of the entire bottom 60% of households. This means that the wealthiest 1% of West Virginians have a disproportionate amount of wealth in the state's economy compared to the bottom 60% of low and middle-income households.
Moreover, the Senate tax plan proposes to cut taxes for the state's wealthiest households while reducing critical public investments such as education and health care. This would negatively impact West Virginians as there would be fewer resources to invest in public services and infrastructure that support healthy communities and a thriving economy for everyone.
Implications of the Senate Tax Plan
If this proposed tax plan is enacted, low and middle-income households in West Virginia would bear the burden of taxation. This burden would come in the form of reduced public services and infrastructure and increased taxes on necessities such as food, gasoline, and housing. The tax cuts for the wealthiest West Virginians would not benefit the broader economy as the wealth would not trickle down to the rest of the population.
What can be done?
It is essential to advocate for a tax system that is fair, efficient, and equitable to all West Virginians. Specifically, West Virginia's lawmakers must prioritize public investments such as education and health care, which are necessary for West Virginia to build a thriving economy for all families. Measures such as restoring the state's estate tax and instituting a millionaire's tax could help increase state revenue without placing the burden on low and middle-income households.
Recipe for Change in West Virginia
Ingredients
- Increased investment in public services and infrastructure
- Restore the state's estate tax
- Institute a millionaire's tax
Instructions
- Advocate for increased public investment in education and health care to promote a thriving economy for all West Virginians
- Push for the restoration of the state's estate tax to provide much-needed state revenue without placing the burden on low and middle-income households that pay the most in taxes
- Institute a millionaire's tax that would require the wealthiest households in West Virginia to pay their fair share, providing the state with the necessary resources to fund vital public services and infrastructure
By implementing these changes, West Virginia can promote a fair and equitable tax system that supports a thriving economy for all families in the state.
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