Yesterday, the House Judiciary and Finance Committees both amended and passed out Senate Bill 461 and Senate Joint Resolution 14 that creates the West Virginia Future Fund. The amendments made several modifications to how much revenue will flow into the fund over time, how the principal of the fund is protected, and how the state…
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The FY 2015 federal budget proposed by President Obama, along with three proposals in Congress, strengthens the Earned Income Tax Credit (EITC) for childless workers. This, along with improvements to the Child Tax Credit (CTC) would reduce poverty among low-wage workers and their families, reduce income inequality, strengthen work incentives, and give a boost to West…
West Virginia's proposal to increase the state's minimum wage to $8.75 continues to work its way through the legislative process. We've looked before at the workers who would benefit from the increase, and we've also looked at how much it would cost the affected businesses. But now, let's take a closer look at businesses where are…
The West Virginia Senate has unanimously passed SB 461 that creates the West Virginia Future Fund and an accompanying resolution (SJR 14) to make the natural gas and oil severance tax fund constitutionally protected (inviolate). As most readers know, the WVCBP has championed the idea for several years and we are excited the state is…
Once again it looks like another year will go by without an increase in the state tobacco tax. This year it is quite surprising though as West Virginia is facing a severe budget crisis and raising tobacco taxes would essentially fix it all in one fell swoop. Nevertheless, our legislators seem intent on using our…
With just over a month left in the open enrollment period for the Affordable Care Act, the share of West Virginians without health insurance has already dropped significantly. As of this week, nearly 100,000 West Virginians have enrolled in health coverage through the ACA. The overwhelming majority of these sign-ups have come through Medicaid expansion,…
An article in Sunday's in Wheeling's Intelligencer/News Register highlighted the growing cost of the state's business property tax incentives. The Marcellus Gas and Manufacturing Development Act of 2011 created a special tax preference for manufacturing facilities involved with natural gas liquids products (the famous "cracker bill" was an expansion of this legislation). The tax incentive gives a…
Surprise! West Virginia has a budget problem -- about a $200 million problem, in fact (you can read all about it here, here, and here!). Oddly enough, Medicaid, which for years has taken the brunt of the blame for anything budget related, has hardly been mentioned in the fervor. This is especially odd because the…
Today's Charleston Daily Mail includes an editorial in response to the EARN report on income inequality and our recommendation to raise the minimum wage as a tool to combat inequality. The Daily Mail contends that raising the minimum wage is a bad idea for two reasons: one, income inequality isn't all that bad because rich…
A new report from the Economic Analysis and Research Network takes a deep look at income inequality, by focusing on how the top 1 percent in each state have fared over 1917–2011. The report finds that not only is income inequality on the rise nationally, but each of the 50 states has experienced growing income inequality…