The state Senate gave final approval last night to legislation that would make a small reduction in the personal income tax rate and provide some tax relief for businesses. But Gov. Ed Rendell has vowed to veto the measure.The tax cut would save someone earning $50,000 only $10 a year. But the bill was strongly supported by a coalition of 80 businesses because many small firms pay their state business taxes based on the personal income tax rate rather than the corporate net income tax rate of 9.99 percent. The tax cut would also cost state government about $46 million a year, which is why Mr. Rendell opposes it.
Post-Gazette
No comments:
Post a Comment