PHILADELPHIA (KYW Newsradio) — Three tax bills introduced by Council members Kendra Brooks and Nicolas O’Rourke of the Working Families Party at Thursday’s City Council meeting would appear to either partially or directly conflict with Mayor Cherelle Parker’s newly proposed budget.
One bill would expand the wage tax refund to low income workers —- a different approach from the mayor’s. The second bill would create a wealth tax on stocks and bonds similar, but slightly different from a bill introduced by Brooks last term.
“We made changes to protecting working and middle-class families by exempting educational savings accounts, retirement savings accounts and mutual funds,” she said.
The third bill directly conflicts with the mayor’s plan to eliminate a $100,000 exemption to the business tax — in keeping with a court ruling that the exemption is not constitutional. It would double the exemption to $200,000.
On the last bill, Brooks said she is prepared for a debate.
“Let’s have this conversation publicly,” she said.
Co-sponsor and fellow Minority Party Council member Nicolas O’Rourke said the plan “prioritizes working class Philadelphians by ensuring that our tax system is fairer and more inclusive rather than favoring the ultra-wealthy.”
Council President Kenyatta Johnson is a fan of the mayor’s business tax cuts, but said the three new bills will get a fair hearing.
“We’ll be reviewing them and taking a look at the package and we’ll go from there to see is there a level of support for it?” Johnson said.