One of the eight Democratic candidates for Pennsylvania governor is linking efforts to reduce the state’s business taxes to tightening tax loopholes.
Tom Wolf, a York County businessman and former revenue secretary, said Monday Pennsylvania could be better for business and jobs — except for one thing.
“The corporate net income tax is much too high,” he said during an appearance at a Pennsylvania Press Club luncheon .
Business advocates have bemoaned the 9.99 percent rate; last year, Gov. Tom Corbett’s administration proposed lowering it over a 10-year span.
But state Budget Secretary Charles Zogby recently said lowering the rate would be too costly for the commonwealth right now.
Wolf disagreed, saying the rate can be reduced without losing money.
“Get rid of loopholes. Like the ‘Delaware loophole.’ That’s the biggest one. That’s the biggest one I’d look at,” he said.
Supporters of a law signed last summer say that it has closed the “Delaware loophole,” which allowed companies to avoid state taxes. Some critics say there’s more the state could do to tighten things up.