WITH $50 million in revenue designated for nothing in particular, the city can save Philly residents $100 million over 10 years with a tax-reform bill, Councilman David Oh believes.
Oh, who introduced just such a bill yesterday, said his goal is to reduce wage and net-profit taxes on residents without raising taxes elsewhere to offset the reduction.
He envisions the wage tax for employees and net-profit tax for individuals to go from 3.92 percent in 2014 to 2.09 percent in 2025.
"At the end of the year 2013, I identified close to $50 million that was unidentified revenues, which means that it was money that wasn't really designated for any specific item," Oh told the Daily News. "Let's call it 'cushion money.' I think this happens regularly, but I think there's excess money in the budget."