PennLive.com reported Saturday the proposed budget Gov. Wolf will unveil Tuesday are expected to include “double-digit increases in the state’s personal income tax and sale tax rates; large cuts in school property taxes and a key business tax rate; and significant new boosts in state funding for public schools and colleges.”
PennLive.com reported the personal income tax may be increased 20 percent from 3.07 percent to 3.7 percent; the sales tax from 6 percent to 6.6 percent, a 10 percent increase with possible changes to the items now exempt from the sale tax. At least part of these revenues, PennLive.com said, would go toward school property tax reductions.
Gov. Wolf said last week he would drop the Corporate Net Income Tax from 9.99 to 4.99 percent, close the so-called Delaware tax loophole and eliminate the Capital Stock and Franchise Tax on businesses.
He also proposed a 5 percent severance tax and fee on natural gas production.
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