Our tax system is broken. It provides unfair tax breaks for the wealth and leaves the burden on everyday working West Virginians. As West Virginia Can't wait notes:
West Virginia has the 37th most unfair state and local tax system in the country. This is partly because of our sales and excise taxes, which which places a disproportionate burden on almost all of us. West Virginia also offers no fair income tax schedule to help ease that burden, and our income tax brackets are way out of whack. A person making $60,000/year pays the same income tax rate as billionaire Jim Justice, the richest man in West Virginia!"
In alignment with their party plan, I believe in working for*
1. Adjust income tax brackets so that everyone in the bottom 95% of earners gets a tax break (with the highest % tax break going to the bottom earners). Adjust taxes upward for the top 5% so that they pay their fair share. This will generate over $109 million in revenue.
2. Create a 25% refundable earned income tax credit for poor and working class families, particularly those with children. With refundable tax credits, taxpayers get the full value of the credits regardless of how much they owe. So, low-income tax payers are likely to get cash back from these types of credits. This will cost roughly $91 million.
3. Eliminate exemptions for income over $200,000, and scale back income tax exemptions for people with income between $150,000 and $200,000. This will bring in $18 million in revenue.
4. Reinstate the Estate Tax for estates over $1 million. This will bring in $20 million in revenue.
*Taken from West Virginia Can't Wait, including my own contributions as part of the WVCW network.
1. Adjust income tax brackets so that everyone in the bottom 95% of earners gets a tax break (with the highest % tax break going to the bottom earners). Adjust taxes upward for the top 5% so that they pay their fair share. This will generate over $109 million in revenue.
2. Create a 25% refundable earned income tax credit for poor and working class families, particularly those with children. With refundable tax credits, taxpayers get the full value of the credits regardless of how much they owe. So, low-income tax payers are likely to get cash back from these types of credits. This will cost roughly $91 million.
3. Eliminate exemptions for income over $200,000, and scale back income tax exemptions for people with income between $150,000 and $200,000. This will bring in $18 million in revenue.
4. Reinstate the Estate Tax for estates over $1 million. This will bring in $20 million in revenue.
*Taken from West Virginia Can't Wait, including my own contributions as part of the WVCW network.