Through September, Revenues are on Target, but Fiscal Troubles Remain General Fund revenue collections are on track to meet targets through the first quarter of 2014-15. While revenue collections in the first quarter are the smallest of the commonwealth’s fiscal year, the results are a good, if early, sign.
Despite the positive revenue results, many questions remain regarding the fiscal health of the commonwealth.
This webinar takes a look at the report, "Reform, Not Repeal: Pennsylvania Can Provide Property Tax Relief and Protect Public Schools," which finds that property taxes are moderate in most Pennsylvania communities, and recommends that the state should better target its property tax relief and overhaul its assessment system rather than eliminate the local property taxes that fund our children’s schools and prepare our future workforce.
Property taxes are high in some Pennsylvania school districts, but PBPC’s new report, "Reform, Not Repeal: Pennsylvania Can Provide Property Tax Relief and Protect Public Schools," reveals that compared to the national average and neighboring states, property taxes are moderate in most communities.
Pennsylvania should better target its property tax relief and overhaul its assessment system rather than eliminate the local property taxes that fund our children’s schools and prepare our future workforce, a report released today by the Pennsylvania Budget and Policy Center concluded.
Working families in Pennsylvania pay a far higher share of their income in state and local taxes than the state’s wealthiest earners. And – thanks to corporate tax loopholes, the phase out of the capital stock and franchise tax, and other tax breaks – taxes collected from corporations in Pennsylvania have declined as a share of total tax revenue over the past 30 years … and the share coming from individual taxpayers has increased.
Several American cities have raised cigarette taxes as a public health measure and to generate local revenue for cash-strapped programs. These taxes are not as regressive as once assumed and can be an important part of a local funding package. Philadelphia has requested authorization from the General Assembly to add a $2 per pack tax on cigarettes sold in the city to raise an estimated $70-$90 million for its public schools.
"The Governor and lawmakers are right to take Moody's recent downgrade of the Commonwealth's bond rating seriously, but they are drawing the wrong lesson. The downgrade is a result of a budget passed just three weeks ago that is hopelessly out of balance."