Tax Reforms and Cuts are a Hot Political Topic - Beckley, Bluefield & Lewisburg News, Weather, Sports

Tax Reforms and Cuts are a Hot Political Topic

Posted: Updated:

Are your income taxes about to be cut at both the federal and state level? Well it's up for discussion. President Trump invited six U.S. Senators to the White House for dinner Tuesday night, to chat about it. The group included West Virginia's Joe Manchin.

"The President was adamant. This is not a tax cut for the rich. And that's exactly what people will portray it, but he says it is not going to happen. I can assure you it's mostly going to be for middle class, the working people," said Sen. Joe Manchin, (D) West Virginia, referring to President Trump's pledge.

There are also discussions inside the West Virginia Capitol, about cutting state income taxes, though a similar measure failed earlier this year.

"I think it's a sound policy for West Virginia. I think that it would allow us to really kind of move the economy forward and allow us to get away from the tax system that we've largely had in place since the 30s," said State Sen. Ryan Weld, (R) Brooke - Majority Whip.

But critics are already preparing for a fight, saying West Virginia's financial condition is still too fragile.

"Well last year we tried to do it and it was going to put a 90 million dollar whole in our budget. That's not the time to do it when you're already in a 100, 200 or 300 million dollar hole as we're going to see next year," said Del. Andrew Robinson, (D) Kanawha.

Supporters say giving people more tax money back, will help stimulate the state's economy.

"Renewed talks on tax reform could get very serious, very fast at the Capitol. Lawmakers return Sunday for their September Interim Sessions," said Mark Curtis,  59 News Chief Political Reporter.

Powered by Frankly