HARRISBURG — A House bill to eliminate all school property taxes would fall $1.5 billion short of generating enough money to replace the revenue existing property taxes raise, according to a report from Pennsylvania’s Independent Fiscal Office.
“The IFO has confirmed the views I held in June,” when the bill was tabled, said Rep. Tim Briggs, D-Montgomery, who released the report over the weekend. “House Bill 1776 simply does not raise the revenue it claims to provide.”
Sponsors of the bill estimated it would raise about $10 billion a year by increasing the state’s income tax rate to 4 percent from 3.04 percent and the state sales tax rate to 7 percent from 6 percent.
Click here to read the full article by Tom Barnes, published in the Pittsburg Post Gazette (October 1, 2012)