HARRISBURG, Pa., Oct. 22, 2003 (PRIMEZONE) -- The Pennsylvania Chamber of Business and Industry today expressed disappointment with the proposed increase in the state's Personal Income Tax, the gross receipts tax on wireless and long distance and the Capital Stock and Franchise Tax at a time when signs indicate the Commonwealth is trying to rebound from the current nationwide economic downturn.
"What Pennsylvania needs now more than ever are policies that will help ensure a successful, sustained recovery," said Floyd Warner, President of the PA Chamber. "We will continue to work with members of the General Assembly to adopt tax measures that will foster growth for jobs and job opportunities."
The PIT increase contained in H.B. 200 would be felt by small businesses. Overall, about 75 percent of businesses in Pennsylvania are small companies, many of which pay the PIT. Additionally, the Commonwealth continues to have some of the highest corporate tax rates in the nation, placing all Pennsylvania businesses at a competitive disadvantage.
The Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association and the fastest growing state chamber in the United States, with more than 10,000 members covering all 67 counties. More information is available on the Chamber's website at www.pachamber.org