- Pennsylvania Among 'Terrible 10' Most Regressive Tax States
- February 4 Non-Partisan Training: HOW TO RUN FOR ELECTION BOARD IN 2013: HOW TO RUN FOR COMMITTEEPERSON IN 2014
- Republican Governors Opt-In to Medicaid Expansion
- The Reports of Unions' Death Are Greatly Exaggerated
- Ask Allyson Schwartz to run for Governor
- Mind the gap: Opting Out of Medicaid Expansion Leaves Low-income Families Behind
- Jan. 14 Workshop:HOW TO RUN FOR ELECTION BOARD IN 2013; HOW TO RUN FOR COMMITTEEPERSON IN 2014
- Seth Williams on Guns, Jasmine Rivera on School Closures @PFC Meetup Wednesday
- PA Revenue Strong Midway Through Year; Tax Cut Could Have Big Impact
- What to Make of the Fiscal Cliff Deal?
Just what we Need! A new City Council Tax Break for the .0000. . . . .1%!
Hey, did you tune in to Bill Green's press conference on his bill to eliminate City business taxes on hedge fund and mutual fund companies and managers? Did you see the two day wall to wall coverage by the Inky on the role of these once upon a time taxpayers and the pros and cons of letting them become freeloaders? You didn't? Oh, that's probably because this is a totally stealth deal that none of the moving parties has actually wanted to talk about. Yes, the bill was introduced like any other bill, but without a word being said in the press about it. Yes, it had a public hearing last week, but without a word being said in the press about it. Yes, you can look in vain for the press release on bill 120007.
If you look it up on Council's database, you'll find that after its hearing, Bill 120007 was amended (who knows how) and reported out of committee with a recommendation that the rules be suspended to allow first reading at the next session of Council. That means that it's on a fast track for approval. Waiting all of two weeks before Council passes it is a no-no. It's apparently an emergency to establish that next year our dearly beloved local hedge managers and mutual fund managers will pay no business or net profit taxes. Philadelphia can only wait one week to get that vital interest taken care of after Council's Finance Committee rushed to the rescue last Tuesday. How much will Bill 120007 cost the City, a City that is losing over $40 million in state social services funding next year if Corbett has his way (which he probably will)? Who knows? Who cares? Let the good times roll for the really great corporate citizens of hedge fund and mutual fund world. Let's bring all the white collar bandits to Philadelphia to bring us their tax revenue . . . or, oh, I guess not that. I guess we just get the bragging rights.
Go Philly hedge fund managers! That's the best I can do. Anybody come up with a better cheer?