Abstract
Pennsylvania ranks near the top in tax burden and near the bottom in business friendliness in the nation. While much good can be said about the states flat personal income tax rate and relatively low sales tax rate, Pennsylvanias business taxes are in serious need of reform. The state government took a step in the right direction by phasing out its archaic capital stock and foreign franchise tax, but Pennsylvanias economy is still being held back by its high corporate income and unemployment insurance taxes. Pennsylvanias 9.99 percent corporate income tax rate, the second highest in the nation, puts the state at a significant competitive disadvantage while generating less than 7 percent of total tax revenue. A combination of business tax cuts and tax base broadening could make Pennsylvanias economy grow faster without jeopardizing its public finances.
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