Governor Wolf’s tax plan negatively impacts working and low income people in Pennsylvania. Already considered one of the “Terrible Ten” states with the most regressive tax systems, Wolf’s plan does little to address the problem. Property tax is a major Pennsylvania issue, but Wolf offsets cuts with significant increases in regressive sales and income taxes.
In addition, Wolf proposes cutting corporate taxes by 50%. Figures from Pennsylvania Budget and Policy Center indicate that Wolf’s revenue will be derived mostly from Personal Income Tax 41% and sales tax 31% while Corporate Tax will only generate 8% of his budget.
Combined reporting, requiring a corporation and all of its subsidiaries to file a single tax return, will help generate lost tax revenue. Pennsylvania Public Interest Research Group claims Pennsylvania lost $5.2 billion in corporate tax revenue last year. This alone would cover Wolf's proposed Property Tax reduction and education spending increases.
Counting on long term tax revenue from gas extraction makes no sense. When the process ends, so will the revenue. Sustainable funding for education is imperative.
“Governor Wolf should take a more conservative approach. Eliminate corporate tax loopholes first. Pennsylvania’s lower income and working people need a break, not to be broken,” said Jay Sweeney, Chair Green Party of Pennsylvania.
"As my Green Party gubernatorial campaign made clear, Tom Corbett and Tom Wolf offered voters a choice between two Republicans.” said Green Party candidate Paul Glover. “Governor Wolf is now proposing to cut business taxes while funding schools through fracking our water and raising sales taxes including clothing sales. Ronald Reagan would be proud of him."
The Green Party of Pennsylvania is an independent political party that stands in opposition to the two corporate parties. The Green Party of Pennsylvania stands for grassroots democracy, social justice, non violence and ecology.
http://www.pennpirg.org/issues/pap/close-corporate-tax-loopholes
http://thirdandstate.org/2013/january/pennsylvania-among-terrible-10-most-regressive-tax-states