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West Virginia benefits from tax reform

Brett Tubbs - January 29, 2018

Charleston, W.Va. - West Virginians will see a break when they file their federal taxes this year allowing them to keep more of their hard earned money in their pockets and decide how they want to use their money. 
 
That was the message from the West Virginia Senate President while speaking to reporters about the Tax Cuts and Jobs Act and the proposed Senate Resolution 9, Just Cut Taxes and Win​. The JCTAW Amendment will reduce and ultimately eliminate the ad valorem tax on tangible industrial machinery, equipment and inventory personal property directly used in industrial business activity. This will help to stimulate economic grown and job creation throughout West Virginia.
 
Senate President Mitch Carmichael
 
“I think anytime we take an initiative to allow people to keep more of their hard-earned money and not send it to the government to allow the government bureaucrats to determine the best way to spend it, that our economy prospers,” he said. “There’s more jobs, there’s more opportunity, and as a result of doing that, we have more money in the state and national treasuries.”
 
 
Background:
 
The Federal Tax Cuts and Jobs Act is Delivering for Americans
  • Nationwide, more than 3 million workers have had a “Trump Bonus” or “Trump Pay Raise” announced as a direct result of the Tax Cuts and Jobs Act.
  • The Council of Economic Advisers projects that annual income for American households will increase by an average of $4,000.
  • President Trump’s tax reforms provide $3.2 trillion in net tax cuts to American families, with every income group seeing a tax cut.
  • The standard deduction has nearly doubled for many Americans, with levels now at $12,000 for individuals, $18,000 for single parents, and $24,000 for married couples.
  • The Child Tax Credit has increased by $1,400 for children under the age of 17.
  • The full Child Tax Credit will now be available for families with incomes of up to $200,000 for single taxpayers and incomes of up to $400,000 for married couples.
  • A $500 non-refundable tax credit has been created for dependents aged 17 or older who do not qualify for the Child Tax Credit.
  • Middle-income families are no longer forced onto the Alternative Minimum Tax, with the income phase-out level for exemptions increasing to $500,000 for single households, and $1 million for married couples.
  • Popular itemized deductions have been retained, such as the mortgage interest deduction for newly-purchased homes of up to $750,000, and the deduction for charitable giving.
  • Important benefits have been left intact, including the EITC for low-income workers, the deduction for teachers’ out-of-pocket classroom expenses, and the adoption expense tax credit.

 
Cutting State Taxes Will Bring More Prosperity to West Virginia
  • This bill will put put more West Virginians back to work by cutting taxes companies pay on inventory and allowing them to hire more employees.
  • WestVirginia can no longer afford to be complacent as more people have been moving out of West Virginia than into West Virginia over the last few years. 
  • By creationg a better business climate we can put more West Virginians back to work, bring home West Virginians who have left for jobs, and bring in outside tallent.
  • The message should be clear, West Virginia is open for business!

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