So we made it to April, normally tax month of course this year nothing is normal,but there’s still been a lot of talk about taxes. In Harrisburg Thursday good news for the state budget. The incoming revenue is exceeding early projections.
“One of our best barometers months is April, we get a lot of our quarterly tax payments made whether its from car dealers or other businesses. At the end of the day we are still rebounding from this pandemic and the massive shutdowns of businesses”
The current state budget deficit, in the billions in the neighborhood of five billion dollars. The state government expected to receive 7.3 billion dollars in the latest federal covid-19 relief lifeline. How best to use it? Do what lawmakers did last year?..earmark federal money to balance the state budget
“What one of the things I understand leadership is looking at is a way to shift some of those funds to the rainy day fund and have that revenue”
Governor Wolf and lawmakers at odds over possible new taxes. One idea thats drawn a lot of attention is the governor’s proposal to do away with the gas tax to pay for road construction,and transportation costs replace with it some type of user mileage fee
“If you go to a mileage fee for those individuals that work in Central Pennsylvania,whether you’re Johnstown,Altoona,or drive to State College,you’re looking at maybe 30 to 40 miles each way,just to get to work and it could hurt especially those rural workers”
Governor Wolf has also proposed tax increases for high earners,which the republican leadership not surprisingly has said is simply unfeasible.
As for your personal taxes, a reminder the deadline has been changed this year from April 15th to May 17th