PAtownhall.com
Pennsylvania's Marketplace of Ideas
Pennsylvania's Marketplace of Ideas
PAtownhall.com
Pennsylvania's Marketplace of Ideas
Pennsylvania's Marketplace of Ideas
by Policy Brief
Tuesday, June 17, 2008
Ideas to Improve Pennsylvania's
Fiscal and Economic Health
Excessive Taxes Hinder Economic Growth
Pennsylvania's combined federal and state corporate income tax rate is higher than any other industrialized nation in the world, and trails only Iowa's top rate.
At 41.5% (adjusting for federal deduction of state taxes), the tax rate for Pennsylvania corporations is about 2 percentage points higher than Japan, 7% higher than France, and 13.5% higher than Norway and Sweden.
The result: Pennsylvania has lost over 200,000 manufacturing jobs since 2000.
It's time to put state government on taxing and spending diet. Go to PADietPlan.com. to learn more.
The Pennsylvania Diet Plan is a three-step program designed to help state government shed millions in unnecessary and wasteful spending.
"Three Steps to Fiscal and Economic Health"
STEP #1: Limit the Annual Growth in State Government Spending
STEP #2: Empower Voters with the Right to Accept or Reject ANY and ALL Tax Increases
STEP #3: Reduce Pennsylvania's Tax Burden on Job Creators & Families
For more visit PADietPlan.com.
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The Need for Spending Limits
Colorado's median family income growth was 43rd in the nation, job growth was 33rd, and economic growth per capita was 43rd among the 50 in the eight years prior to 1992.
But from 1992 to 2005—in the years after implement statewide government spending limits—family income growth was 7th in the nation. Job growth was 6th, and economic growth per capita was 7th among the 50 states. In addition, since 1992, more than $3,200 in overpaid taxes was returned to the average family of four in Colorado.
Like Colorado, limiting the growth of state government spending to inflation and population growth will restore economic prosperity to Pennsylvania.
This is just one of the steps toward putting Pennsylvania back on a path toward fiscal and economic health. For more information, visit PADietPlan.com.
The Pennsylvania Diet Plan's "Three Steps to Fiscal and Economic Health" includes: Limiting the annual growth in state government spending to a reasonable index of inflation and population growth.
It is a fact that states cannot tax, borrow, and spend themselves to prosperity. When politicians choose to grow the government, they effectively choose NOT to grow the economy.
By limiting the annual growth in state government spending, elected officials allow job creators and families to keep more of their money to invest, save, and spend.
For more on the Pennsylvania Diet Plan and state Spending Limits, visit PADietPlan.com.
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PADietPlan.com is a project of the Commonwealth Foundation, www.commonwealthfoundation.org.
www.PADietPlan.com
