Pa. Firms Bear Nation's Highest Tax Burdens

Friday, 02 Mar 2012 07:10 AM

By Sandy Fitzgerald

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Pennsylvania’s companies face the heaviest tax burdens in the nation, according to a comprehensive analysis conducted by The Tax Foundation, a nonpartisan research group.
 
According to the report, Pennsylvania ranks 50th in the nation for imposing the heaviest overall taxes on mature businesses and 49th in the nation for the tax burden it places on new companies, the Pittsburgh Tribune-Review reports.
 
Pennsylvania also imposed the heaviest taxes in the nation on research and development centers, corporate headquarters, and retailers. Only one state, Iowa, has a corporate net income tax higher than Pennsylvania.
 
“It starts with your corporate net income tax rate. With Pennsylvania's rate at 9.99 percent, it’s not only one of the highest in the nation, it’s punitive to both new and existing businesses," said Scott Hodge, the foundation’s president.
 
Brian Kennedy, vice president of government relations for the Pittsburgh Technology Council, said he expects reforms proposed by Gov. Tom Corbett — including lifting the tax cap on business loss credits and lowering the corporate net income tax rate — to move the state out of last place.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Miss. Gov. Bryant: More Uninsured in State Due to Obamacare

Monday, 28 Jul 2014 21:13 PM

Mississippi Republican Gov. Phil Bryant blames Obamacare for the state's increase in the number of people without health . . .

Judge Rules Against LA Clippers' Sterling: Team Can Be Sold

Monday, 28 Jul 2014 21:08 PM

The record $2 billion sale of the Los Angeles Clippers to former Microsoft Corp. Chief Executive Officer Steve Ballmer i . . .

Montel Williams Skeptical of VA Deal, Still Calls for 'Surge'

Monday, 28 Jul 2014 20:48 PM

Montel Williams, who has been advocating for a VA Surge to clear the backlog of veterans needing healthcare, is skepti . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved