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).
Lawmakers sworn in on January 1st to kick off the 2013-14 legislative session have an opportunity to act with no delay on a pro-growth agenda already vetted by industry, labor, and both political parties. The agenda was approved in August by the Governor’s Manufacturing Advisory Council (GMAC).
Toomey Report: Manufacturers Face Job-Killing Tax Hike Under Obama Plan
While excuses continue to be made for President Obama’s dismal record on job creation, it’s more difficult to rationalize a policy that actually drives jobs away.
A report prepared by U.S. Senator Pat Toomey (R-Lehigh) shows that the Administration’s tax policies will undermine the very sector that has the strongest multiplier effect on job growth - manufacturing.
A planned tax increase in 2013 will raise the marginal rates on many manufacturers from 35 percent to 41 percent.