Spending restraint and opposition to tax hikes by Republican lawmakers over the past five years have likely kept Pennsylvania from entering a fiscal death spiral. A new study by the Mercatus Center at George Mason University, which compares solvency and other fiscal health indicators among the states and Puerto Rico, places Pennsylvania near the bottom, floundering with the high tax and spend states of New York, California and Maryland. More spending and taxes over the past five years would have surely moved us closer to Puerto Rico’s bankrupt nightmare.
Reduce the Corporate Net Income Tax, at 9.99 percent the second highest in the country. Stay on track for final phase-out of the Capital Stock & Franchise Tax. Maintain fight against corporations reporting all taxes from all jurisdictions (combined reporting).