Tax cuts would line richest’s pockets, drain state coffers
Yesterday, Gov. Jim Justice’s personal income tax cut, introduced as HB 2526, passed the House of Delegates and moved on to the Senate, where we’re sure it will undergo some changes — if it doesn’t get scrapped entirely. But for our purposes, we’re going to discuss the proposal in its current form. HB 2526 initiates a gradual income tax cut that starts with 30% the first year, then 10% each of the next two years. Which means that by the end of year three, the income tax rates will be half of what they are now: from 3% to 1.5% for the lowest tax bracket and from 6.5% to ...