Phased Archives - DR News - News, Retirement, Finance

Income Tax on Social Security Benefits in West Virginia Phased Out Over Three Years by New Bill

Charleston, West Virginia – Governor Jim Justice has signed House Bill 4880, which will phase out the state income tax on Social Security benefits over the next three years. This move comes as a relief to many retirees and seniors in West Virginia who have been burdened by this tax on their retirement income. The bill will eliminate the state income tax on Social Security benefits for single filers earning more than $50,000 and couples …

Tax on Social Security Benefits Phased Out in West Virginia, Bringing Relief to Retirees

CHARLESTON, West Virginia – Retiree advocacy groups are celebrating the recent passage of a bill aimed at phasing out state taxes on Social Security benefits. The new legislation, championed by Governor Jim Justice, proposes a three-year plan to completely eliminate taxes on Social Security income, with an estimated impact of over $37 million. AARP West Virginia State Director, Gaylene Miller, expressed joy over the decision to gradually remove this financial burden on retirees. The bill …

Educators and State Police Salaries Increased, Social Security Taxes Phased Out by Senators

Charleston, West Virginia – State senators in West Virginia recently passed bills aimed at increasing the salaries of State Police and educators, as well as phasing out Social Security taxes. This move has significant implications for both public safety and the education sector in the state. The new legislation seeks to address concerns regarding the competitiveness of salaries for State Police officers and educators in West Virginia. By raising their salaries, lawmakers hope to attract …

West Virginia Lawmakers Consider Phased Elimination of State Income Tax on Social Security Benefits

Charleston, West Virginia – The House Finance Committee has made progress in moving forward with Governor Jim Justice’s proposal to eliminate the state income tax on Social Security benefits for middle and higher income West Virginians. However, lawmakers are proceeding cautiously, opting to phase out the tax over three years instead of implementing an immediate elimination that would cut an estimated $37 million out of state revenue. Committee chairman Vernon Criss (R, Wood) expressed concerns …