Tom Wolf on Corporations
Lower corporate tax rate by 50%, and close loopholes
Today, the corporate net income tax rate in Pennsylvania is 9.99 percent--one of the highest in the country. That is appalling. That is driving jobs out of our state.
At the same time, loopholes in that tax code allow many companies to avoid paying
state income taxes altogether. Because of these loopholes, more than 70 percent of companies that do business in Pennsylvania do not pay corporate net income taxes at all. That forces more of the burden onto small businesses and families across our state
In other words, the problem is not only that our corporate net income tax rate is too high. The problem is that we are not even seeing the revenues the tax is supposed to generate. It is the worst of both possible worlds.
My budget will close the
Delaware loophole and cut the corporate net income tax rate by 40 percent in the first year and 50 percent by 2018. That will take us from the one of the highest in the country to one of the lowest in the country.
Source: State of the State address to 2015 Pennsylvania Legislature
, Mar 3, 2015
Make Commonwealth an engine for economic development
Tom released his "A Fresh Start" policy plan, about the need to build a 21st century economy and create solid, secure middle-class jobs: "A dynamic and growing economy offers opportunities and help strengthen the middle class,' said Wolf. "Too often
policy making is about the next deal or reacting to the latest crisis. It's time we think ahead."
A Fresh Start taps Pennsylvania's enormous growth potential by drawing on all of our state's resources. Specifically, the plan focuses on these key areas:
Tom will take state government in a
different direction with a strategic focus on making our Commonwealth an engine for economic development and a magnet for private sector entrepreneurs who will create the solid, high-wage jobs Pennsylvania workers and families desperately need.
Source: 2014 Gubernatorial campaign website, WolfForPA.com, "Plan"
, Mar 3, 2014
- Level the Playing Field
- Focus State Government on Preparing for 21st Century Jobs
- Exploit the Innate Strengths of Pennsylvania's Economy
- Use Pennsylvania's Natural Resources to our Full Advantage
Page last updated: Sep 24, 2018