PA Republicans: We Accidentally Lost $87M Dollars. But Here Are Some Lies about Tom Wolf.

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Pennsylvania’s Republican Senate Majority Leader Dominic Pileggi admitted yesterday through his staff that an unintended 18% tax break for banks resulted in them paying $87 million less than expected this spring in a tax on the value of bank shares.

According to CNHI Statehouse Reporter John Finnerty, “[b]anks had been pushing for a rewrite of the stock shares tax,” and lawmakers eliminated the tax based on a six-year average of a bank’s equity capital and lowered the tax rate.

Yet, the chief of staff for Senate President Pro Tem Joseph Scarnati, R-Jefferson, said that it’s still “not clear” why the bottom-line take was almost $90 million short.

At the same time, the Pennsylvania Republican Party is attacking Democratic gubernatorial hopeful Tom Wolf by claiming that his cabinet company uses the Delaware tax loophole.

According to the Philadelphia Daily News, Megan Sweeney, a spokeswoman for the state Republican Party, “stood by claims that Wolf used the loophole to dodge taxes but offered no proof. Instead, she complained that he has not released his corporate-tax returns.”

Tom Wolf emphatically said that his business is in 28 states, does not use the Delaware loophole, and is registered to pay taxes in all those states.

So, typical of GOP obfuscation tactics, Pennsylvania Republicans are falsely accusing Tom Wolf of avoiding corporate taxes while their own legislators are responsible for accidentally losing $87 million dollars in bank taxes.

About Jake Sternberger

Jake Sternberger has been a contributing writer at Keystone Politics since 2011. Sternberger primarily covers campaigns and elections, drawing from his experience working on municipal, county, congressional, and statewide PA races doing field, communications, and campaign management. He is currently a law student. Email: jakes@keystonepolitics.com Twitter: @JakeSternberger
This entry was posted in Elections, Governor.

5 Responses to PA Republicans: We Accidentally Lost $87M Dollars. But Here Are Some Lies about Tom Wolf.

  1. It is also a fact that Tom Wolf vocally advocated for closing the Delaware Loophole while he sat on Rendell’s Tax Reform Commission. He was one of the few (if not only) business leaders that stood up on that issue. Now the Republicans make the argument that he exploited the loophole with absolutely no data to back that claim up — while R’s successfully fought against closing the loophole for years — then insinuate in campaign attack ads that Wolf somehow had the ability to raise taxes as Revenue Secretary. They are patently ridiculous.

  2. Scott Black says:

    all this and no one ever complains of all the welfare money wasted on useless freeloading parasites that could get a job but refuse too because they would rather live off the gov’t teet

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