Governor Tom Wolf has plans he says will help rebuild the middle class.
Wolf announced that his budget for the year will include reforms aimed at three goals for economic and job growth: creating a pro-growth climate, building Pennsylvania’s manufacturing sector, and creating workforce partnerships for economic success.
Part of the budget includes reducing the current 9.99 percent corporate net income tax by half within two years.
“It’s a big drop in corporate and income tax,” Wolf said, “it’s a drop in corporate taxes even with the combined reporting which was one of the big loopholes which was used to circumvent the tax. All those things together this should be a signal that we are open for business in Pennsylvania. ”
Republicans say they need to see exactly how Wolf plans to make up for the $1.25 billion dollar projected cost of the rate cut.
Wolf’s budget also includes establishing a “Made in Pennsylvania Job Creation Program” and investment in workforce development through industry partnerships.
Governor Wolf will unveil the full details of his 2015-16 Budget on Tuesday, March 3, in front of the General Assembly.
