|Posted:||September 7, 2017 04:22 PM|
|From:||Representative Christopher M. Rabb|
|To:||All House members|
|Subject:||Resolving Pennsylvania’s Regressive Tax Policies|
|In the near future, I plan on introducing a companion bill to Senator Haywood’s Senate Bill 555, which would make crucial changes to rectify Pennsylvania’s longstanding regressive income tax, creating a more equitable income tax payment system, while raising $2 billion in new tax revenue.
The Fair Share Tax Plan will cut personal income tax from 3.07 percent to 2.8 percent on wages and income. Passive income from net profits, dividends, net gains derived from rents, royalties, patents and copyrights, gambling and lottery winnings and net gains derived through estates and trust would see an increase to 6.5 percent. As a result, 85 percent of Pennsylvanians would see either a decrease or no change in their taxes due to the state.
As taxation stands in the Commonwealth, it continues to place a greater burden on the most financially vulnerable citizens. This solution will both reduce the overall budget deficit as well as provide more relief for the majority of our constituents.
Please join me in co-sponsoring this important legislation.
Introduced as HB1961