A group of Republican House members today unveiled what they called a stimulus package for the state economy, headlined by a modest reduction in the state's personal income tax rate.
The tax rate was raised to the current 3.07 percent in January 2004, after Democratic Gov. Ed Rendell's first year in office.
Now, Republicans led by Mike Turzai of Bradford Woods, Tom Quigley of Montgomery County, Gordon Denlinger of Lancaster County and others, want to trim the rate to 2.935 percent, effective with the start of the new fiscal year July 1.
Dropping the income tax would cost the state about $450 million in revenue, but Republicans said that can be absorbed because the state is expected to end the current fiscal year June 30 with a surplus of about $500 million.
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