Public testimony from small and midsize business owners and pro-job growth advocates is needed at City Council’s FY’24 Budget hearing on tax reduction bills.  The city’s current budget proposal dedicates $28 million toward these reductions, but it’s not enough to keep businesses from relocating to areas with competitive advantages.  

Last year, the city lost over 18,300 jobs. Continued investment in businesses creates more jobs and city revenue to improve the quality of life and standard of living for all Philadelphians. More jobs mean more for everyone in Philadelphia.  

There is strength in numbers. We urge you to stand and be heard for the future of Philadelphia. The Chamber is able to provide assistance to anyone willing to offer written or virtual testimony in favor of continued tax reductions. Please join us in advocating for city leaders to invest in local small and midsize business job growth by signing up to testify at City Council on Thursday, April 18th at 3pm. Contact Ashley Miscevich, Manager, Local Government Advocacy & Engagement, with any questions.  

Consider these five reasons to testify:  

  1. The cost of doing business is higher everywhere, but highest in Philadelphia. Philadelphia business owners and workers are still struggling to make ends meet because of inflation, ongoing supply chain issues and increasing overhead costs. Yet, Philadelphia still has the “highest in the nation” Wage Tax  and is the only major city in the country that “double taxes” businesses with the Business Income and Receipts Tax (BIRT),
  2. More jobs equal less crime. Promoting job creation and business growth makes cities safer, healthier, and more livable. More jobs and businesses mean more revenue for the city to fund the crucial public services needed to address crime, reduce poverty, provide housing, promote education, offer healthcare and behavioral health assistance, and keep the city clean. 
  3. The most successful business owners grow and give back.   When businesses expand, more workers are hired, more family-sustaining income is generated, more tax revenue is created, and more Philadelphians who rely on quality-of-life city services are helped.  Previous tax cuts, between 1996 and 2008, resulted in 25,000 additional jobs for the city. An investment in creating jobs is an investment in helping our most vulnerable populations.
  4. We need to act now to gain a competitive edge.  A 1% annual investment would take 10 years to make Philadelphia economically competitive. The good news is, a 1%-2% reduction is entirely feasible given the city’s current revenue projects, better than expected budget surplus, American Rescue Plan dollars, and reasonable economic growth estimates.  At the current rate of reduction, it will take the city more than twice as long to compete regionally and nationally. We can’t afford to wait. 
  5. The current tax structure is keeping businesses away. 80% of respondents to a joint survey performed by Philadelphia’s diverse chambers of commerce indicated that reducing taxes on business is the primary action the city could enact to help them stay, grow and hire here.