PHILADELPHIA, PA – The recommendations released today by Tax Reform Commission offer possibilities to finally end Philadelphia’s onerous tax policies which have burdened our region’s businesses, hurt our communities, and stagnated growth for decades.
The Chamber of Commerce for Greater Philadelphia is encouraged that the Business Income and Receipts Tax and wage tax could soon be eliminated and reduced. However, we believe more bold reforms are needed to usher in the new era of growth, prosperity, and job creation that will strengthen our city’s economic foundation so that we may all rise together.
Today, Philadelphia’s economy underperforms its peers. We have the highest poverty rate among the 10 largest cities and among the slowest rates of job growth and we rank 50th in a study of economic mobility across 50 U.S. metropolitan areas. Our city is on the precipice of change. We owe it to ourselves, our residents, and our region, to embrace pro-growth policies now.
The Chamber will continue to work alongside city leaders and the business community to ensure impactful reforms are implemented thoughtfully and strategically.
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About the Chamber of Commerce for Greater Philadelphia
The Chamber of Commerce for Greater Philadelphia works together with members, investors, and stakeholders, to realize our bold vision: Greater Philadelphia is a top global destination for business and a leader in inclusive growth. As the metro-regional chamber of commerce serving the 11-county, tri-state Greater Philadelphia region, we are the premier organization to convene and connect business, government and civic leaders to drive economic growth and prosperity for all.
Contact:
Shannon McLaughlin
smclaughlin@chamberphl.com
