West Virginia’s governor is expected to sign a bill that passed the state House this weekend. According to the Wall Street Journal, the bill would cut income tax rates by about 21 percent altogether.
In Utah, the state legislature approved a $400 million tax cut package. Axios reports, if Utah’s governor signs it, it could save a family earning $80,000 over $200 per year.
According to the Tax Foundation, 21 states have cut income tax rates since 2021.
NTD spoke with Jonathan Williams, chief economist at the American Legislative Exchange Council (ALEC).
ALEC is a nonpartisan organization of state legislators who draft and share model legislation for distribution among state governments.
Williams says it’s been an “incredible two years of tax cuts” and there’s been a “revolution” across the states in tax cuts: “States decided to get rid of their formerly progressive income tax codes, and stop penalizing people for being more successful and in their states and stop penalizing small businesses.”
He also said states are saying they “need to provide a counterbalance to what’s going on in Washington with taxes going up and proposals for even higher taxes.”
President Joe Biden on Tuesday proposed increasing the Medicare tax rate from 3.8 to 5 percent on those earning more than $400,000 a year.
