With just days left before an election that is likely to propel him to the U.S. Senate, Governor Jim Justice celebrated the signing of a bill on Thursday that reduces West Virginia’s income tax.
Senate Bill 2033, which was passed by lawmakers during a special legislative session earlier this fall, cuts the state’s personal income tax rate by 2%. This reduction is expected to decrease state revenue by approximately $46 million.
“What could we do in the state of West Virginia that would drive more growth than cutting our personal income tax?” Justice remarked. “If anyone suggests there’s something that could drive more growth, you’re out of your mind.”
Known for his theatrical style, the governor brought a gold bar on a silver platter to commemorate the occasion, recalling a past incident in 2017 when he vetoed a budget from the Republican-led Legislature, labeling it “political bull you know what” while presenting a platter of cow manure at a news conference.
Originally, Justice proposed a 5% tax cut but revised it to 2% as a compromise with legislators concerned about the state’s long-term financial health. The new tax cut translates to an additional 40 cents per week for the average West Virginian, according to the West Virginia Center on Budget and Policy.
In addition to this, a 4% personal income tax cut is set to take effect in January 2025 due to the state meeting an economic trigger.
Acting Revenue Secretary Larry Pack, R-Kanawha, informed lawmakers that of the $46 million impact, $19 million will come from a revenue bond that is nearing payoff, while another $20-$25 million will arise from available funds following the restructuring of the former West Virginia Department of Health and Human Resources into three new departments.
The income tax reduction is part of 37 bills passed during the special legislative session that began on September 29.
Justice emphasized that the 2% tax cut isn’t the “end all, do all” for the average voter, whom he affectionately refers to as Toby and Edith.
“We are sending a message to the world that West Virginia is on a pathway to eliminating their personal income tax,” he stated. “What’s that worth? It’s worth so much it’s off the charts. We’ve shown, ‘OK, Toby and Edith, we’re going to mind the store properly.’”
As a Republican nearing the end of his second term as governor, Justice is campaigning for the U.S. Senate seat currently held by Sen. Joe Manchin, I-West Virginia.
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