Last week, City Council’s Finance Committee passed two bills that would make significant changes to business taxes in Philadelphia. The entire Council will debate them soon.
Unfortunately, the changes involve phrases like “Single Factor Apportionment.” What the heck does that mean? What would these changes actually do to the tax burden of businesses, and citizens?
On this week’s It’s Our Money podcast, Doron Taussig and Holly Otterbein set out to open a new business — it’s going to be called “Dolly Enterprises,” and it will sell either cookies, or sandwiches, or both, depending on who you ask — and break down what the new business tax rules would mean for them. It’s the least painful way to understand the business tax proposal.
It’s Our Money is a joint project of the Daily News and WHYY, funded by the William Penn Foundation, that works to shed light on where your tax dollars are going.