ABOUT THE GOVERNOR’S PROPOSED TAX CUT
The Governor’s proposal includes a 50% personal income tax reduction over three years while setting aside $700 million to establish a Personal Income Tax Reserve Fund that almost equals our current Rainy Day Fund. This insurance policy protects against any shortfalls as we go forward.
The phase-out begins with a 30% reduction in January 2023, and another 10% reduction in the following two years.
On Jan. 18, the West Virginia House of Delegates voted bipartisanly to pass the proposal 95-2.
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