Pennsylvania Governor Tom Wolf unveiled his final budget proposal. If approved it would deliver the largest ever cash infusion for public schools without raising taxes. Laurenjmayk shows us the details of the plan and how the money would be spent:
After years of stubborn deficits dating back to the recession, the state’s bank accounts are now flush from an economy juiced with federal pandemic subsidies, and a multibillion-dollar surplus — an eye-popping $6.5 billion — is projected for the coming year.
However, federal pandemic aid has reduced the state’s reliance on Pennsylvania tax dollars for the current year. Counting $3.5 billion in federal pandemic aid, spending on state operations is projected to be about $41 billion in this fiscal year. Wolf also called for an increase in Pennsylvania's rock-bottom minimum wage — something Republican lawmakers have resisted since he took office in 2015 — and to cut corporate taxes by walking Pennsylvania back from its 9.99% tax rate on corporate profits, second-highest in the nation.
Republicans warned that the state is still in a long-term deficit cycle, considering it is a relatively slow-growing economy with a ballooning retirement-age population and a shrinking working-age population. House Majority Leader Kerry Benninghoff, R-Centre, called Wolf’s spending plan “obscene” and Senate President Pro Tempore Jake Corman, R-Centre, called it “fantasy island.”
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