Daily News | U.S. Sen. Elizabeth Warren pitches a Philadelphia ‘wealth tax’ ahead of Mayor Kenney’s budget proposal
City Councilmember Kendra Brooks’ long shot bid to create a new “wealth tax” in Philadelphia got a boost of star power on Tuesday from U.S. Sen. Elizabeth Warren , the“The tax system in America is broken, and it allows the rich and the powerful to make themselves richer and more powerful at the expense of working families,” Warren said in a virtual news conference with Brooks.
Brooks faces an uphill battle in getting the levy approved. She has already proposed a wealth tax within the current Council term, only to see it fail to get called up for a hearing. While much of last year’s city budget negotiations focused on spending — such as how the city allocates its federal pandemic relief funds, and how much it spends on on programs to reduce violence — this year’s talks are likely to include just as much discussion about taxes thanks to a soon-to-be-released reassessment of real estate values, the ongoing push to reduce the much-maligned wage tax, and proposals like Brooks’ that are aimed at shifting the city’s tax burden toward the wealthy.
Many Pennsylvania cities and towns, including Philadelphia, had local levies on financial holdings known as personal property taxes until the 1990s, when wealthy individuals and financial institutions revolted.
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