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Just 1% of Philadelphians would be affected by end to tax cuts for wealthy
The Web site for the award-winning alternative weekly, the Philadelphia City Paper.
Just 1% of Philadelphians would be affected by end to tax cuts for wealthy
In Washington, talk of how rich is rich enough to endure an elevated tax rate has been a central sticking point in negotiations. Reportedly, the president is now looking for higher tax rates to start for those earning more than $400,000; House Speaker John Boehner's "Plan B" would increase taxes only for those earning more than $1 million.
However, for most Pennsylvanians it will make little difference. The end to tax breaks for people earning more than $200,000 or couples with incomes above $250,000 would impact just one in 100 people in Philly, according to an analylss by the Pennsylvania Budget and Policy Center. (Affluent counties immediately surrounding Philly would be among the most affected in the state.) “Lawmakers in rural, urban and suburban areas alike should be speaking out loudly in favor of ending tax cuts for the wealthiest Americans to limit cuts to services that benefit the seniors, children and families they represent,” the center's executive director Sharon Ward said in a statement. A study of the impact of the tax cuts by the Congressional Research Service also found the impacts of the cuts would be "negligible" when it comes to economic growth.
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