NUTTER: Business Taxes
I support the phased elimination of the gross receipts portion of the BPT and the phased reduction of the net income portion of the BPT to a rate equal to the rate for the Wage Tax.
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Nutter was a driving force for tax reform and better understands this issue than any of the other candidates. Of all of the candidates, he is the most likely to keep the tax reductions on track. Given that all experts on urban economies think Philadelphia is self destructing because of its tax rates, cutting taxes has to be central to growing jobs and reducing the poverty problems in this city. As with my comments on Fattah, I disagree on the Gross Receipts Tax being the most important to eliminate. What is driving law firms to the burbs, a big business in the for-profit sector in the city (I’m not a lawyer), is the Net Profits tax paid by unincorporated businesses. This is an extra tax beyond the BPT that takes a big slice of profits. By the way, business taxes cover something like 5% of city expenditures. The numbers are low because profit-making businesses have mostly left the city and the remaining big companies cut special incentive deals to stay.
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