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When West Virginia lawmakers passed a wide-ranging tax cut in 2023, much of the attention focused on the immediate 21.25% income tax reduction. But in recent months, the main topic
When West Virginia lawmakers passed a wide-ranging tax cut in 2023, much of the attention focused on the immediate 21.25% income tax reduction. But in recent months, the main topic
From health care for immigrants in California to universal school vouchers in Tennessee, states are being forced to rethink expensive projects as tax revenues decline and federal pandemic aid ends. …
State tax revenue fell last year by 4%, according to a Stateline analysis of U.S. Census Bureau estimates released this month. Revenue is still up since 2019 by about 28%, though, higher than the inflation rate of about 18% in that time.
A new report singles out West Virginia for the state's costly tax cuts enacted this year, and the drastic lost in revenue expected to exacerbate existing budget shortfalls in higher education and other state services. The report from the Center on Budget and Policy Priorities found that beginning in 2025, the Mountain State will collect more than $800 million a year less in personal income tax revenue than it was previously. The Center's Senior Advisor for State Tax Policy, Wesley Tharpe, said the gains from that personal income tax cut are going to flow overwhelmingly to people at the top...