Philadelphia, June 23, 2017 – City Council President Darrell L. Clarke (5th District) on Friday hailed ongoing progress the City of Philadelphia is making toward stronger economic growth:
“City Council this month gave final approval to a Fiscal Year 2018 budget that makes significant investments in public health, environmental protection, public safety, and anti-poverty programs, all while continuing to lower taxes on businesses.
“The City of Philadelphia has made a long-term commitment to reducing the Wage, Earnings, and Net Profits taxes, and has done so steadily over the last 20 years – despite periods of decline or instability in the national economy.
“Since 1995, City Council has cut Wage Tax and Net Profit Tax rates by more than 20 percent and slashed the Gross Receipts Tax rate, or BIRT, by more than 56 percent. These reductions have benefited wage earners and businesses in Philadelphia by up to $6.4 billion.
“We continue to pursue an aggressive pro-business tax strategy while also working vigorously to tackle poverty, often without requested support from the Commonwealth, such as appropriate public education funding.
“Over the next five years, working in partnership with organizations such as the Chamber of Commerce for Greater Philadelphia and local businesses, we will be on track to provide at least $582 million in tax cuts and exemptions to help businesses grow. We have also recently authorized the Special Committee on Regulatory Review and Reform to aggressively clean up the City’s 2,016-page Code. We are working with the School District of Philadelphia to expand programs that support workforce-ready graduates, and we have launched an ambitious $1 billion, 10-year sustainability campaign to create 10,000 jobs in the clean energy sectors.
“City Council continues to pursue innovative, local strategies to ensure Philadelphia’s long-term economic growth and prosperity, which benefits the entire Commonwealth.”
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Council President Darrell L. Clarke is serving his second term as the President of Philadelphia City Council. He represents Philadelphia’s 5th Council District. More information at phlcouncil.com/DarrellClarke
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