Tuesday, April 15, 2008

PA Republicans Want Income Tax Rollback

Republican lawmakers in the State House want to roll back Pennsylvania's personal income tax. They say it's the best way to help working families in light of a possible national recession.
The call for tax cuts is not new from the House Republican Policy Committee, but Chairman Mike Turzai of Bradford Woods says the need is urgent this year.

"As we head into these budget negotiations, we stand in stark contrast to Governor Rendell. We are looking at an economic stimulus tax cut package versus a plan of higher spending, more borrowing."

Turzai says the latest proposal from his caucus would reduce the state's personal income tax to 2003 rates. That's about 2.93 percent, as compared to this year's 3.07 percent.

The panel also wants to enact business tax cuts that would save companies nearly $150 million this year. The total package of cuts is about $450 million dollars.

Governor Rendell introduced his economic stimulus plan with this year's budget. He's calling for about $1.6 billion in new spending through grants, loans and other initiatives to stimulate business development and create jobs.

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