Feb 15, 2021
As I said last week, all eyes are on Gov. Jim Justice’s plans to phase out the personal income tax. I knew he would mention it in his State of the State address last week, though I was surprised by the amount of detail he went into.
But even with the details he did go into, there are still a lot of unknowns. No bills have yet to be introduced on Justice’s behalf addressing the phase-out plan. We know the rates for high-income earners will drop by one-third and the rate for low-income earners would be cut in half in his proposal, but we don’t know the dollar amount that separates low- and high-income earners.