President’s Tax Plan Will Benefit West Virginians
President Donald Trump has demonstrated his commitment to helping West Virginia rescue our economy from the damage inflicted during the Obama administration.
Last May, I was there when he stood in the Charleston Civic Center and pledged to “put the miners back to work.” In his first few months in office, he’s followed through on that vow by repealing many of the harmful regulations that decimated the crucial coal and natural gas industries in our state.
Now the President is embarking upon a bold new plan that will unleash the true economic potential of our state.
President Trump and leaders in Congress are working diligently on a massive rewrite of our federal tax code. It’s the most aggressive tax reform proposal we’ve seen since the Reagan administration, and it would have tremendous benefits for our state.
The plan being discussed will provide tax relief to working families across our state, while opening up new possibilities for corporations to reinvest revenue from overseas back in the U.S. for investment opportunities here at home.
The tax plan working its way through Congress would directly benefit families by doubling the standard deduction most people use on their taxes, while also significantly increasing the child tax credit. This means that many West Virginians would immediately fall within a zero-tax bracket and would pay no income tax.
A typical family of four could save more than $1,000 a year on their tax bill under the latest version of the plan – that’s real savings West Virginia families could use to buy homes, purchase clothes for their kids, buy new appliances, save for a vacation, or use to make home improvements.
In addition, the President’s plan would simplify the onerous process of filing tax returns, saving our citizens the long hours and expense involved in preparing complex tax forms or hiring tax professionals to complete them. For many of our residents, filing their taxes would involve completing a one-page return.
Too many West Virginians have had to struggle to make ends meet in recent years, and a simplified tax code that leaves more of their hard-earned cash in their pockets would go a long way to easing their economic burden and making life better for their families.
While these reforms would be a significant benefit to our state and its people, West Virginia would also benefit from the potential of new jobs this tax plan could create.
WV House Speaker