Jason Richey, a Republican candidate for governor, has an eyepopping tax proposal that may garner attention from voters in what is expected to be a crowded GOP primary in 2022.
Richey is calling for a 0% state income tax. The 3.07% personal income tax would be eliminated. So would the 9.9% corporate net income tax.
So would $15.6 billion in state revenue. The corporate tax brings in $2.8 billion. The personal income tax yields $12.8 billion.
“Where the hell are you going to get the money?” asked Robert P. Strauss, a professor of economics and public policy at Carnegie Mellon University. The Republican-controlled General Assembly isn’t hot on raising new taxes, even if they are replacement taxes.
Read the entire article here.