If Gov. Wolf succeeds in raising Pennsylvania’s personal income tax from 3.07 percent to 3.30 percent (an increase of 7.5 percent in the rate), what will be the impact on job creation? Over 6,500 jobs that would have otherwise been created will not exist.
In collaboration with economists at Suffolk University’s Beacon Hill Institute, CF used an economic modeling program—Pennsylvania State Tax Analysis Modeling Program (PA STAMP)—to analyze the impact of Wolf’s tax proposals on job growth. And the projection for Wolf’s most recent scheme is not pretty for working families in the commonwealth.
Worse, the 7.5 percent increase in the income tax rate accounts for merely half of the revenue expected to be extracted from taxpayers—from a myriad of still-evolving tax increases—in the most recent tax hike proposal. The 6,500 job loss projection does not account for potential tax hikes on movie tickets, digital downloads, businesses filing fees, bank shares, lottery winnings, and cigarettes.
Let your representative and senator know Pennsylvanians can't afford higher taxes. Too many jobs are at stake.