A STUDY ON VARIOUS TAXES IMPOSED AND COLLECTED IN THE US STATE OF WEST VIRGINIA IN THE LAST SEVEN YEARS

A STUDY ON VARIOUS TAXES IMPOSED AND COLLECTED IN THE US STATE OF WEST VIRGINIA IN THE LAST SEVEN YEARS

Author: Sonia M.D

Master of business administration

PES university

Under the guidance of

Prof. Revati Ravi

Abstract

This paper shows the comparison study of different taxes that are imposed in West Virginia from 2014 to 2021. West Virginia has noticed major fluctuations during the seven years period in the tax implication with different rates due to changes in reforms of legistration and economic conditions of the country. The main aim of this study is to shed light on the different categories of tax and their trends over the evolution of state tax policy.

The paper discusses about the business and occupation tax which shows the year wise data and its percentage change and net revenue collected over the years where there can be fluctuations that is observed which shows that the change is due to tax reforms and tax rates

Later the paper discusses about the income tax that is collected or net collection revenue through income tax from 2014-2021due to progression in tax rates which can affect both individual as well as business tax payers where the attention is given to exemptions and deductions that can be changed over the year

Then it goes to discussing the consumer and sales tax or the revenue generated to West Virginia through consumer and sales tax where fluctuations in contraction of goods and services that are taxable where it can be said about the net collection and utilization of sales tax.

Finally, this paper discusses about the collection of barrel tax where it can be shown that fluctuation in this rate of tax as impacted the percentage change in collection tax which shows the year wise data and its percentage change and net revenue collected over the years where there can be fluctuations that is observed which shows that the change is due to tax reforms and tax rates.