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1 Joseph Henchman, Governor Corbett's Tax Reform Proposal: Testimony to Pennsylvania House Finance Committee 1 (2013)

handle is hein.taxfoundation/taxfaaze0001 and id is 1 raw text is: Governor Corbett's Tax Reform Proposal Joseph Henchman Vice President, Legal & State Projects, Tax Foundation Hearing on before the House Finance Committee Harrisburg, PA April 11, 2013 Members of the Committee: I appreciate the opportunity to testify today on Governor Corbett's tax reform proposal. In the 76 years since our founding, the Tax Foundation has monitored tax policy trends at the federal and state levels, and our data and research is heavily relied upon by policymakers, the media, and the general public. Our analysis is guided by the idea that taxes should be as simple, neutral, transparent, and stable as possible, and as a 501(c)(3) non-profit, non-partisan organization, we take no position on any pending legislation. We hope that the material we provide will be helpful in the Committee's consideration of the issue. The State Business Tax Climate Index Each year we produce the State Business Tax Climate Index. This widely-cited report evaluates state tax structures to see how well a state tax system comports with the principles of good tax policy: the idea that taxes should be, as much as possible, simple, neutral, transparent, and stable. Over 100 variables from all areas of taxation - income, business, sales, property, and unemployment tax - are included, incorporating the latest academic evidence about the impact of tax policy on economic growth. In our most recent Index, using state laws as they stood on July 1, 2012, Pennsylvania ranked 19th best out of the 50 states. While middle-of-the-pack nationally, the rank compares favorably with neighboring states: Delaware is slightly better at 14th best, Virginia slightly worse at 27th best, and other states much lower (Ohio at 39th, Maryland at 41st, New Jersey at 49th, and New York at 50th.) The state's lowest-in-the-country individual income tax and moderate sales tax are key positive attributes. However, two components of the Pennsylvania tax system compare unfavorably to her fellow states: business taxes (46th best) and property and wealth taxes (42nd best).

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