September 6, 2009
Associated Press Highlights Tax Foundation Data on West Virginia’s State and Local Tax Burden, State Business Tax Climate Index
"Latest changes to W.Va. tax code saved $132M"
By The Associated Press
With Gov. Joe Manchin relaunching his West Virginia Tax Modernization Project, consumers and businesses will save at least $132 million this budget year from the last round of changes to the state's tax system, according to estimates from state revenue officials. ...
An economist for the Tax Foundation, though, called the 2006 tax project proposals "a first half-step." The Washington, D.C., group ranks states by how favorably their tax systems treat business. West Virginia placed 35th in fiscal year 2006, then fell to 38th in 2008 before reaching 36th during the budget year that ended June 30.
The latest rankings put the state ahead of neighboring Maryland and Ohio and just two spots back from Kentucky, but well behind Pennsylvania and Virginia.
The Tax Foundation also notes that West Virginians' state and local tax burden is below the national average. They also hit "tax freedom day," when their earnings equal their total tax bill for the year, on April 1. That's earlier than any of their five neighbors, while national average is April 13.
