Tax cuts, big housing investment, highlight Parker's new, $6.7 billion city budget proposal

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Tax cuts, big housing investment, highlight Parker's new, $6.7 billion city budget proposal

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Tax cuts, big housing investment, highlight Parker's new, $6.7 billion city budget proposal

//business-finance.news-articles.net/content/202 .. rker-s-new-6-7-billion-city-budget-proposal.html

Published in Business and Finance on Thursday, March 13th 2025 at 19:40 GMT by Audacy

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

Mayor Cherelle Parker's new $6.7 billion budget proposal features major cuts to some of the city's marquee taxes while also funding a massive expansion of housing investment citywide. City Council will now debate before a final approval vote in June.

2025-03-13 173 x 130 / 6632 Bytes

Mayor Parker of Philadelphia has proposed a $6.7 billion city budget for the upcoming fiscal year, focusing on tax cuts and significant investments in housing. Key highlights include a $100 million allocation for housing initiatives, with $10 million specifically for addressing homelessness. The budget also proposes a tax cut for businesses, reducing the wage tax by 7% and the business income and receipts tax by 17%, aiming to make Philadelphia more competitive. Additionally, the budget plans to increase funding for the police department by $36 million to enhance public safety, and it includes a $25 million boost for the Community College of Philadelphia. This proposal comes amidst a projected $334 million surplus, which will be used to fund these initiatives without increasing property taxes.

Read the Full Audacy Article at:
[ https://www.msn.com/en-us/money/markets/tax-cuts-big-housing-investment-highlight-parker-s-new-6-7-billion-city-budget-proposal/ar-AA1ASi0y ]