From: Sen. Fumo
Date: 4/16/2002
Time: 10:21:48 AM
Remote Name: 172.23.151.14
All economic studies have clearly indicated that the wage tax is the number one barrier to job creation in Philadelphia. In fact, in a recent study published in January 2001 by the Federal Reserve Bank of Philadelphia, entitled "A Philadelphia Report Card," it is clearly stated that a reduction in this tax, while lowering the actual tax rate, will increase economic activity in the city and thus, in the long run, increase the net yield in tax revenue. The Pennsylvania Economy League, in a separate and independent study, clearly agrees with this premise. And the most visible example is to ride along the borders of Philadelphia and see the huge expanse of office buildings which were created and filled because of our high wage taxes.