Saturday, April 16, 2005

Tax Reform in Philadelphia: Ya Think?

According to Philadelphia Forward, “A 1998 study by Vertex, Inc., a state and local tax research and software firm, determined that Philadelphia’s business tax burden was the highest among 27 major U. S. cities. The study estimated the combined federal, state, and local tax liability of a representative service company with $15 million in gross revenue and $1.5 million profits. In terms of local business taxes, Philadelphia’s tax burden ranked fourth out of 27 cities, behind only New York City, Chicago, and Cleveland. While the overall business tax burden in Philadelphia in 1998 declined by 2.15 percent from the 1993 estimate published in a previous Vertex report—more than any other city—the overall tax burden in Philadelphia in 1998 remained the highest among the 27 comparison cities.” Think this is just a concern to big and wealthy corporations? Not exactly; small businesses are excoriated by our City’s oppressive tax burden. Check out this recent film by Philadelphia Forward that chronicles the plight of small business in our town.

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