Hate income tax? 😤 Want to keep more of your hard-earned paycheck? 💸
If you live in Pennsylvania, you might be in luck! 🍀 One PA senator recently announced a new plan to eliminate the state’s personal income tax. Keep reading to get all the hot tea. 💅☕
Here’s Five Fast Facts on the proposed income tax changes :
- 📠 Tax Facts - The current PA personal income tax is 3.07%.
- 🧑💼 The Man with the Plan - State Senator Greg Rothman (R-Cumberland, Dauphin, Perry counties) is behind the proposed legislation to nix the income tax. He says doing so would send a message that the Keystone state wants to keep people here. Senator Rothman's memo says the state’s income tax has caused college grads and businesses to move to other states with a lower cost of living.
- 📉 Sugar We're Goin' Down - According to the U.S. Census Bureau data, PA’s population was down by approximately 30,000 people in 2022 compared to 2020.
- 💰 Join the Club - Pennsylvania is one of 12 states with a flat income tax rate. Today, nine states have no income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.
- 🪢 But Here's the Twist - Since there's always a catch, states without income tax make up for it in other ways. In income tax-free states, revenue is raised through sales, property, and gas taxes.
🔥Bottom line: PA paychecks would do a happy dance if this proposed legislation goes through. 💃 Just remember, there's no such thing as a free lunch, and lawmakers could jack up the taxes on other things to make up for the loss of revenue. Let's hope they stay away from gasoline (and eggs)! Craving more tax facts? Check out this article to learn how to pay less taxes.
How do you feel about kicking PA income tax to the curb?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
