The Pennsylvania General Assembly is rushing through a bill that would cost hundreds of millions of dollars annually.
House Bill 2626 was originally designed to lure new companies to Pennsylvania by allowing them to keep the bulk of state income taxes paid by new employees. Unfortunately, it has been amended to apply also to Pennsylvania companies filling existing positions.
This large new tax loophole amounts to paying your state income tax to your boss for company profits, not to the state to support state services. This is at a time when state support of education and other vital state programs are being cut because the state cant afford them.
Instead, House Bill 2626 would drain the resources we need for our schools and universities.