Comparing tax cut fantasies to reality
Of the tax cut plans on the table, the one proposed by the Senate (SB 424) is by far the most reasonable. As we previously reported, the plan starts with a 15% decrease in personal income tax. In out years, a 105% improvement of sales tax revenue over the previous year would trigger additional income tax cuts. SB 424 also includes eliminating the “marriage penalty” when filing taxes in West Virginia (when filing jointly bumps a couple into a higher tax bracket than if they’d filed separately); a rebate for vehicle property tax; a homestead real property tax rebate for 90% to ...