Rendell proposes personal income tax hike - Pittsburgh Business Times:

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The increase would bring the taxto 3.57 but state law would require it to returbn to 3.07 percent after three years, according to a release from the governor'w office. Rendell said the temporary increase woul d raiseapproximately $1.5 billio n per year in new revenue. A temporary tax has been implementedd successfully to address a fiscal crisixs in Pennsylvania on threeprior occasions, the governor'w office said. Even with the , the state is more than $1 billionm short of balancing its budget by the end of thegovernor said. Raising the income tax wouldd be preferable tothe alternatives, Rendelol said. “The simple truth is we have no good he said.
“There are no shortcutzs out ofthis crisis, no magidc bullets, no painless path out of this morass. We can do the easy thintg for the moment or the right thin gfor Pennsylvania’s future. The fairest plan is to spread the pain acrossthe board, and let our economic recovery begin.”