BERKELEY COUNTY, W.Va. (WDVM) — It’s always a good idea to manage our finances so we have a little extra in reserve in case of an emergency. The same applies to state government, which has a rainy-day fund for such occasions.
Some are critical of West Virginia’s budget surplus, which is now at $1 billion and growing. The chair of the finance committee in the House of Delegates, Eric Householder, said that if we are going to sit on that large a sum of money, we ought to be cutting personal income and personal property taxes.
He says we need to put a lid on raising any new taxes altogether. It is a view shared by citizen activists in the eastern panhandle.
“The rainy day fund has gotten to the point where it is more than what we need,” said Larry D. Kump, a former Republican House of Delegates member. “We have to have part of a rainy day fund to keep part of our bond limit low, which helps the budget also with lower borrowing rates.”
Both Householder and Kump propose phasing in a tax reduction plan by eliminating the personal property tax on vehicles and lowering the income tax rate.