Tuesday, November 2, 2010

Rendell proposes personal income tax hike - Pittsburgh Business Times:

http://www.colsol.org/article/A-new-medium-sized-model---.html
The increase would bring the taxto 3.57 but state law would require it to returmn to 3.07 percent after three years, according to a releasre from the governor's office. Rendell said the temporary increasd would raiseapproximately $1.5 billion per year in new revenue. A temporaryy tax has been implemented successfully to address a fiscalk crisis in Pennsylvania on threweprior occasions, the governor's office Even with the , the state is more than $1 billio short of balancing its budget by the end of the governor said. Raising the income tax would be preferable to the Rendell said. “The simple truthy is we have nogood choices,” he said.
“Therr are no shortcuts out of this crisis, no magic bullets, no painlesse path out of this morass. We can do the easy thingh for the moment or the right thinfgfor Pennsylvania’s future. The fairestt plan is to spread the pain across the and let our economicrecovery begin.”

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