Beckley, WV (WOAY) – Governor Patrick Morrisey brought his push for a 10% income tax cut to the Tamarack on Wednesday, making his case at a press conference packed full of supporters inside the David L. Dickirson Fine Arts Gallery.
“You know that the Senate, they followed our direction and our suggestions: 10% across the board. The House, unfortunately, did zero,” Morrisey said at the conference. “So now the tough work of getting the House and Senate together is really underway.”
Senate Bill 392, which would cut personal state income tax by 10%, passed in the West Virginia Senate last month in a 28 to 4 vote.
The Governor says that the state’s current tax rate makes West Virginia uncompetitive compared to neighboring states which have already lowered their rates.
“Kentucky is going to 3.5, and Ohio going to 2.75. West Virginia high end – 4.82. For West Virginia to compete effectively, to help keep our capital here, we have to be more competitive.”
Back at the Capitol, the House Finance Committee isn’t enthusiastic to pass the tax cuts, warning they could create financial instability for the state.
Morrisey points to the current budget surplus and billions in private sector investments in the state as evidence taxes have room to come down.
“And right now we have a surplus. We have a surplus. Why shouldn’t we be returning surplus money back to the people?”
The current legislative session is scheduled to end on March 14th, giving the House and Senate less than 2 weeks to reach a deal on any tax cuts.
