(WHTM)– Three Pennsylvania lawmakers plan to reintroduce legislation that would reduce personal income taxes and increase taxes on wealth.
The legislation, proposed by State Sens. Art Haywood (D-4), Maria Collett (D-12), and Timothy Kearney (D-26), creates a “Fair Share Tax Plan” for Pennsylvania.
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The lawmakers argue that Pennsylvania has an “unfair tax system,” and cite the Institute for Taxation and Economic Policy, which lists Pennsylvania among the nation’s most regressive states for its “unfair taxation.”
According to the memo, the plan would reduce the tax on income from work to 2.8% and increase the tax on wealth (passive business profits, capital gains, dividends, royalties, and estates) from 3.07% to 6.5%.
“The Fair Share Tax does not place an unfair burden on retired Pennsylvanians, small businesses, or family-owned farms. In fact, the Fair Share Tax would cut taxes for 60% of Pennsylvania families; 25% of families would see no change in their taxes,” the memo said.
The memo said that under the plan, the effective tax rate for the 1% in Pennsylvania would still be below neighboring states, while raising over $2.6 billion in revenue in the first year alone.
The memo also mentioned unattributed polling that suggested that 75% of Pennsylvanians support increasing taxes on wealthy households and corporations.
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