KNOX: Business Tax
My primary concern with the Business Privilege tax is the gross receipts portion. It drives businesses and jobs out of the city. I favor addressing the net profits portion once the gross receipts portion has been eliminated and the wage tax has been addressed. At that time, we should work to lower the net profits portion to a tandem with the wage tax.
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He could be stronger on tax reform and not waffle on continuing the cuts, based on his response here and the recent Inquirer article. As I’ve said elsewhere, don’t underestimate the destructive power of the Net Profits Tax on unincorporated businesses. Plus, business taxes are a tiny portion of city expenditures. There is no reason to be tentative here about cuts
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