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Philadelphia Tax Reform Could Create 90,000 Jobs, Risks $2B Loss

2/28/2025

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Summary

Story summary

Philadelphia's Tax Reform Commission suggests eliminating the business income and receipts tax while lowering the wage tax below 3%.
This initiative could generate 30,000 to 90,000 jobs but may result in a $2 billion revenue loss.
Mayor Cherelle Parker's office is currently evaluating these recommendations ahead of a budget address on March 13.
The city's high poverty rate emphasizes the urgency for effective tax reform.

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Story summary

Philadelphia's Tax Reform Commission suggests eliminating the business income and receipts tax while lowering the wage tax below 3%.
This initiative could generate 30,000 to 90,000 jobs but may result in a $2 billion revenue loss.
Mayor Cherelle Parker's office is currently evaluating these recommendations ahead of a budget address on March 13.
The city's high poverty rate emphasizes the urgency for effective tax reform.