ALLENTOWN, Pa. – Lehigh County will soon be making a major tax decision.<\/p>\n
County Commissioners are considering whether to adopt a so-called “wealth tax.”<\/p>\n
County Controller Mark Pinsley, who is also a candidate for state Senate, floated the proposal and calls it a part of a bigger effort to address long-term budget pressures and prevent large property tax increase in the future.<\/p>\n
Now it’s up to the county commissioners to consider going forward.<\/p>\n
The nearly 30-page proposal was discussed during a county commissioner’s meeting on Wednesday evening.<\/p>\n
Pinsley said the proposed tax will impose a wealth tax on passive income and assets like stocks and bonds, generate more than $25 million annually and prevent large property tax increases in the future.<\/p>\n
It’s being met with both support and opposition.<\/p>\n
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County Executive Josh Siegel said the proposal is in its early stages, but believes it’s worthy of exploration.<\/p>\n
“I think in this country we should tax billionaires. We should tax the wealthy more. I think this specific proposal on concept and principle has merit,” said Siegel.<\/p>\n
Siegel said there will be broader conversations, involving a bigger committee hearing and experts.<\/p>\n
“We need to really be very smart and strategic about what a wealth tax at the local level could look like,” said Siegel. “The question is, how do we continue to invest in our community and not balance that on the backs of senior citizens focus on a fixed income and not rely entirely on property taxes?”<\/p>\n
County Commissioner Ron Beitler believes there are more innovative ways to address property tax.<\/p>\n
“What’s being proposed here in Lehigh County is not a wealth tax. This is a tax on the savings assets and small business resources of everyday working Americans,” said Beitler.<\/p>\n
Pinsley’s report details that primary homes, retirement accounts like 401-K plans and IRAs, small businesses and everyday assets are excluded.<\/p>\n
But Beitler is expressing concerns that the tax could impact small business owners, working families and seniors.<\/p>\n
“It’s a tax on intangible personal property assets, and that’s what it is,” said Beitler. “These are absolutely not the people that we should be piling on another tax on their savings and what little bit of profit that they have.”<\/p>\n
The Lehigh County Commissioners will hold a public hearing on June 17.<\/p>\n","protected":false},"excerpt":{"rendered":"ALLENTOWN, Pa. – Lehigh County will soon be making a major tax decision. County Commissioners are considering whether…\n","protected":false},"author":2,"featured_media":192690,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[214,119,121,120,232],"class_list":["post-192917","post","type-post","status-publish","format-standard","has-post-thumbnail","category-allentown","tag-_homepage_top_stories","tag-allentown","tag-allentown-headlines","tag-allentown-news","tag-allentown-area"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/192917","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=192917"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/192917\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/192690"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=192917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=192917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=192917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}