March 4, 2015 |
Gov. Wolf's broad proposal to reshape Pennsylvania's corporate-tax structure comes as a 2013 law takes effect that was adopted specifically to close a tax loophole Wolf has opposed. In his first budget address Tuesday, Wolf will include corporate-tax rate cuts through 2018 and aim to eliminate certain corporate-tax deductions. "The governor's proposal will promote economic growth, create strong middle-class jobs, and make companies want to invest and grow in Pennsylvania," spokesman Jeff Sheridan said.
February 27, 2015 |
BETHLEHEM, Pa. - Gov. Wolf on Wednesday proposed cutting the state corporate net income tax rate in half by 2018, a step he said would allow Pennsylvania to move from the nation's second-highest rate to one of its lowest. Unveiling pieces of his economic plan to Lehigh Valley business leaders, Wolf called for gradually reducing the corporate net income tax from 9.99 percent to 4.99 percent, and eliminating the already-expiring capital stock and franchise tax. Wolf also said he wanted to implement "combined reporting," a concept in which the state could tax a multistate corporation's total revenue, not just its Pennsylvania earnings.
October 4, 2014 |
TRENTON A New Jersey legislative panel on Thursday advanced a bill that would prohibit the state from awarding contracts or incentives to companies that reincorporate overseas for the purpose of avoiding U.S. taxes. The move comes as the federal government has sought to crack down on so-called inversions, in which companies restructure abroad without moving their headquarters. A number of U.S. companies, such as Burger King, in recent months have moved to buy firms in other countries so they can incorporate there and lower their tax bills in the U.S. This practice "does our whole economic structure a disservice," Assemblyman Troy Singleton (D., Burlington)
February 28, 2013
The owner of a New Jersey architectural and engineering firm admitted filing fraudulent corporate tax returns and faces up to three years in prison when he is sentenced June 4. Prosecutors said Pravin Patel, 67, of Toms River, admitted filing returns between 2005 and 2009 that passed off personal expenses as legitimate business deductions. Among the personal expenses he improperly used to reduce the company's tax liability were $112,650 in payments for renovations to his home and $8,200 in expenses for his personal country club membership and associated fees.
February 5, 2013
By Sharon Ward Gov. Corbett and his staff have crisscrossed the state over the past few weeks, previewing the state budget to be unveiled Tuesday. The change in style is welcome for a governor who has seemed reluctant to explain his priorities or defend his positions. Pennsylvanians also appear to be clamoring for a change in substance. A recent Quinnipiac poll shows that only 36 percent of Pennsylvanians approve of Gov. Corbett's job performance - while 46 percent disapprove. It's not a mystery that the governor's popularity tumbled after last year's budget debate: An on-time spending plan is not enough to compensate for a budget out of step with Pennsylvanians' priorities.
October 22, 2012 |
Maybe it was pure coincidence, but factory worker Betty Jo Durham chose the perfect accessory on the day the U.S. labor secretary visited Durham's company to talk about President Obama's plan to bring manufacturing jobs back to the United States. "We need to see the economy growing here in America and we need to create more jobs," said Durham, 46, sporting a red-white-and-blue flag bandanna as she assembled headlamp parts at Princeton Tectonic's Burlington County factory in Bordentown.
October 18, 2012
A spirited presidential election may have a dramatic impact on the races for U.S. House seats representing Philadelphia and its suburbs. The Inquirer has these recommendations: Eighth District Every couple of years, Republicans and Democrats in Bucks County's evenly split Eighth District size up their representative's record in staying a difficult, middle-of-the-road political course. As a result, Bucks has changed its House member several times in recent years - and this year may be no exception as Republican Mike Fitzpatrick seeks another term two years after he unseated a Democrat incumbent.
October 6, 2012 |
TRENTON - Democratic U.S. Sen. Robert Menendez clashed Thursday with his Republican challenger, Joseph Kyrillos, in a debate that featured the most pointed remarks of what has been a generally congenial race. Menendez chastised Kyrillos, a state senator from Monmouth County, for blaming New Jersey's economic problems on the federal government. New Jersey's unemployment rate hit 9.9 percent in August; the national average was 8.1 percent. "I find it interesting that my opponent would like to cast all the national ills on my doorstep, but he has been in Trenton for 24 years," Menendez said at Montclair State University, where the hour-long debate was held and broadcast live on NJTV.
October 5, 2012 |
TRENTON - Democratic Sen. Robert Menendez clashed with Republican challenger Joseph Kyrillos in a debate Thursday night that featured the most pointed remarks of what has been a generally congenial race. Menendez chastised Kyrillos, a state senator from Monmouth County, for blaming New Jersey's economic problems on the federal government. New Jersey's unemployment rate hit 9.9 percent in August; the national average was 8.1 percent. "I find it interesting that my opponent would like to cast all the national ills on my doorstep but he has been in Trenton for 24 years," Menendez said at Montclair State University, where the hour-long debate was held and broadcast live on NJTV.
September 30, 2012 |
WASHINGTON - Citing historically low mortgages, President Obama is pressing Republicans to back housing policies the White House says would help struggling homeowners refinance their debts and prevent foreclosures. Obama is blaming congressional Republicans for not passing legislation he proposed in February that would lower lending rates for millions of borrowers who have not been able to get out from under burdensome mortgages. Republicans have objected, citing among other things the estimated $5 billion to $10 billion cost of the proposal.