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WV Could Gain $335 Million a Year from Billionaire Income Tax

“State advocacy groups say West Virginia stands to gain from taxing billionaires.

The Biden administration’s “Billionaire Minimum Income Tax” would ensure that American households worth more than $100 million pay a tax rate of at least 20% of their full income.

Executive Director of West Virginia Citizen Action Gary Zuckett said the move could add between $220 and $335 million a year in federal grants to the state’s budget.

Zuckett explained that federal grant funds to pay for state programs and services – such as Medicaid and CHIP, Head Start, and food and nutrition programs.

‘Corporations and the extremely wealthy should be paying their fair share of taxes,’ said Zuckett. ‘And that revenue should be used to help pay down the debt and help lower drug prices and help deal with the climate. The majority of West Virginians and the majority of taxpayers across the country would agree with that.'”