Pennsylvania Republican lawmakers voiced optimism last week that the commonwealth’s onerous Corporate Net Income Tax (CNIT) might finally soon get reduced, given a recent overwhelming state House vote to do so.
At 9.99 percent, the Keystone State’s CNIT is the second highest in the U.S. A bill by Rep. Joshua Kail (R-Monaca) would reduce the rate to 8.99 percent. His legislation passed the House of Representatives 195-8.
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A bill that was referred to the Pennsylvania House of Representatives Finance Committee last week would amend the state Constitution to allow voters to reject any state-level revenue hike.Â
The legislation, introduced by State Rep. David Rowe (R-Mifflinburg), would place a question on the primary ballot regarding any new tax or fee or any new increase in such levies. Should Pennsylvanians reject a revenue increase, the legislature could attempt to override the voters but would need support from two thirds of its members to succeed.
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Pennsylvania’s House Appropriations Committee ended hearings on next fiscal year’s budget on Thursday, with the governor’s budget chief defending a plan that many lawmakers fear significantly overspends.
Governor Tom Wolf (D) has asked the Republican-controlled General Assembly to consider a Fiscal Year 2022-23 budget that spends $43.7 billion, an increase of 16.6 percent over current expenditures. His proposal assumes the state will enjoy a revenue intake that surpasses that predicted by the nonpartisan Independent Fiscal Office (IFO) by $762 million.
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On Tuesday, at the first Pennsylvania Senate hearing on next fiscal year’s budget, lawmakers considered the state’s slow economic recovery—and the state’s failure to attract new residents.
Independent Fiscal Office (IFO) Director Matthew Knittel testified before the Senate Appropriations Committee regarding the state’s fiscal, economic and demographic outlook. Particularly in that last category, the Keystone State doesn’t boast an envious position.
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Some Pennsylvania lawmakers are proposing that the commonwealth offset some of the inflationary burden on residents by pausing certain taxes.
One bill State Senator Lisa Boscola (D-Bethlehem) is currently drafting would stop sales taxation in June and July 2022 at a time the senator says the state can afford to do so. In a memorandum seeking co-sponsors for her bill, she cited Governor Tom Wolf’s (D) recent declaration that Pennsylvania will amass a budget surplus for Fiscal Year 2021-22 of over $2 billion and a similarly large surplus for the following year. Since budget years end on June 30, the legislation is thus timed to spread the financial loss to the state over both budget cycles.Â
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Socialist members of the Pennsylvania state House of Representatives on Friday proposed a tax increase on net profits, dividends, rental income, copyrights and patents as well as gambling and lottery winnings.
Currently, Pennsylvania’s income-tax rate is 3.07 percent. The plan would raise it to 6.5 percent on the aforementioned items.
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A report released this week by the Commonwealth Foundation (CF), a Harrisburg-based think tank, underscores the drawbacks of lavish government spending for ordinary Pennsylvanians.
Inflation and the economic policies that fuel it have already weighed on the minds of Americans for months. Federal spending during the COVID-19 pandemic has skyrocketed to create a debt nearing $30 trillion, equating to 133 percent of the U.S. gross domestic product and amounting to $239,000 per taxpayer.
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