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Commission recommends overhaul of Philadelphia Tax system.
The Philadelphia Tax Reform Commission has proposed a comprehensive over haul of the city's tax structure with the aim of improving Philadelphia's competitiveness in attracting and retaining residents, businesses, and jobs. The Commission, which was created by a citizen vote, believes reform is necessary for the economic recovery and prosperity of Philadelphia and the surrounding region. Twenty-eight recommendations for reform highlight the Commission's final report, which was released late last year.
"The core of our recommendations is to move relentlessly forward in revising our tax system and reducing particular taxes that have made us uncompetitive as a city," said Commission Chair Edward Schwartz in a news release. "We believe these reductions and reforms undertaken over time will begin to make us more competitive and will begin to help the city redeem and reclaim the population, perhaps, that we have lost."
Citing statistics from a number of sources, the report concludes that Philadelphia's tax rates are too high, that it relies too heavily on business and personal income taxes, and that its property assessments are inaccurate and regressive. Taxes on personal and business income, which are the most likely to drive residents and businesses from the city, account for an unusually large percentage (33 percent and 12 percent, respectively) of total tax revenue compared to other large U.S. cities.
The property tax, which accounts for 40 percent of the tax revenue in U.S. cities with more than 300,000 residents, comprises just 19 percent of ...
- Philadelphia Tax Reform Commission to Begin Decisions on Overhaul.
- News wire article from: Philadelphia Inquirer (Philadelphia, PA) August 20, 2003 700+ words
...to make the city more competitive with surrounding counties, thereby eventually increasing jobs and making up for the lost tax revenue. But even if that analysis turn out to be correct, the city must cope with the time lag -- certain to be measured in years...
- Philadelphia Tax Panel Still Toils to Get Reform Plan Adopted.
- Newspaper article from: The Philadelphia Inquirer (Philadelphia, Pennsylvania) (via Knight-Ridder/Tribune Business News) December 25, 2003 700+ words
...contend that their plan to slice taxes over a 10-year period is the best chance to attract more jobs and hence generate more tax revenue. Philadelphia has the highest local tax burden of any big city in the nation. The current wage tax is 4.46 percent for...
- PCCY Forum: Economist Warns Philadelphia: Tax Cuts Do Not Attract Business...
- Press release article from: PR Newswire November 16, 2004 700+ words
...Philadelphia's Five-Year Plan, the Business Privilege Tax provides $279 million to the city, 14 percent of locally generated tax revenue, or more than the total annual city expenditures for the Fire Department, Recreation Department, Free Library system...
- Greater Philadelphia Chamber of Commerce Supports Recommendations of...
- Press release article from: PR Newswire November 18, 2003 700+ words
...Chamber of Commerce today endorsed the recommendations in the Philadelphia Tax Reform Commission Report, which address tax issues the...year phase-out of the Business Privilege Tax. "The Philadelphia Tax Reform Commission has done a thorough and commendable job...
- Controller Saidel Lauds Work of the Philadelphia Tax Reform Commission; Urges...
- Press release article from: PR Newswire October 15, 2003 700+ words
...Controller Jonathan A. Saidel today enthusiastically endorsed the recommendations of the interim report released by the Philadelphia Tax Reform Commission. He called on the Mayor and City Council to review the package of recommendations and swiftly enact...
- Tax revenue to maintain growth momentum.
- News wire article from: Asia Africa Intelligence Wire December 21, 2004 700+ words
(From China Daily) China's tax revenue, which grew a year-on-year 27...Research Centre, said the country's tax revenue is capable of achieving a fast growth...higher level," she said. She explained tax revenue growth was largely decided by economic...
- Tax revenue to maintain growth momentum next year.
- News wire article from: Asia Africa Intelligence Wire December 21, 2004 700+ words
...Daily Update) Author: y China's tax revenue, which grew a year-on-year 27...Research Centre, said the country's tax revenue is capable of achieving a fast growth...higher level," she said. She explained tax revenue growth was largely decided by economic...
- CHINA'S TAX REVENUE TO MAINTAIN GROWTH MOMENTUM IN 2005.
- News wire article from: Asia Africa Intelligence Wire December 21, 2004 700+ words
...BEIJING, Dec 21 Asia Pulse - China's tax revenue, which grew 27.1 per cent year...Research Centre, said the country's tax revenue is capable of achieving a fast growth...higher level," she said. She explained tax revenue growth was largely decided by economic...
- Sales tax revenue sources in Kerala not fully exploited, says study.
- News wire article from: Asia Africa Intelligence Wire October 4, 2004 700+ words
...Byline: Vinson Kurian Thiruvananthapuram, Oct. 3 - GROWTH in Kerala's sales tax revenue over the last 26 years in relation to own tax revenue and total tax revenue has been confined to a narrow 12-per cent to 14- per cent band, implying...
- 2ND LD: Japanese tax revenue could reach 49 tril. yen in FY 2005.
- Newspaper article from: Japan Weekly Monitor June 5, 2006 700+ words
...Kyodo (EDS: ADDING DETAILS) Japan's tax revenue could reach 49 trillion yen in fiscal...The expected increase in full-year tax revenue stems from a 1 trillion yen growth in income tax revenue and customs revenue, reflecting an...
Source: HighBeam Research, Commission recommends overhaul of Philadelphia Tax system.