Senate Tax Bill One-Pager

Finally, Sean’s analysis of the Senate tax bill is live. Please share!

https://wvpolicy.org/senate-income-tax-cut-plan-is-more-of-the-same-tax-cuts-for-the-wealthy-tax-increases-and-budget-cuts-for-everyone-else/

Here are his key takeaways: 

• In its first year, the Senate plan would be a net tax increase for the average taxpayer in the bottom 60 percent of households.
• Even with the income tax fully eliminated, the Senate plan would be a net tax increase for the average taxpayer in the bottom 40 percent of households.
• The typical household in West Virginia would see a net tax cut of only $27 when the bill is fully enacted.
• A household in the top one percent in West Virginia would receive a tax cut that is 1,252 times as large as that of a household in the middle 20 percent.
• The Senate plan would create a $1.4 billion hole in the budget within five years, requiring either further regressive tax increases or substantial budget cuts.
• The Senate plan would give West Virginia the highest state sales tax in the country.
• The Senate plan would make West Virginia one of the only four states to tax professional services.
• The Senate plan would make West Virginia one of only 14 states to tax groceries.
• The Senate plan would give West Virginia the fourth highest combined state sales and hotel tax in the country.