Tax Overhaul bill Passed

West Virginia’s Senate has passed a tax-overhaul bill that would raise the state sales tax from 6 to 7.25 percent then cut all income tax rates next year with a goal of eventually ending them. The amended bill, passed 18-13 on Wednesday, would also end state income taxes on military pensions and Social Security benefits, similar to the tax bill recently passed by the House. It would establish graduated coal severance taxes depending on market prices but expected overall to reduce state revenue from the current 5 percent tax. The Senate bill also would raise the corporate net income tax from 6.5 to 7 percent.