From WSJopinion: The Mountain State compromise will help West Virginia compete in a region of mostly lower-tax states, but its goal should be Tennessee’s income-tax rate: 0%
Wonder Land: Lori Lightfoot's exit in the Chicago mayoral election shows that more people are fed up with the status quo and pushing back. Images: AP Composite: Mark KellyAdd West Virginia to the list of states that have cut income-tax rates, which now totals 22 since 2021 according to the Tax Foundation. The Charleston compromise falls short of Gov. Jim Justice’s original proposal, but it’s still a step forward with the promise of more tax-cutting to come.
The bill that passed the state House this weekend and now goes to the Governor’s desk cuts income-tax rates across the board by about 21%, retroactive to Jan. 1. The top rate falls to 5.12% from 6.5%, while the lowest rate goes to 2.36% from 3%. The bill also includes triggers that will automatically reduce rates by up to 10% a year if revenues continue to grow.
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