Live Tweeting House Debate on Corporate Tax Cut Plan

The Pennsylvania Budget and Policy Center is live-tweeting the debate on the floor of the state House over legislation that will cost the state hundreds of millions of dollars annually within just a few years. The result will be less money for the investments that boost Pennsylvania’s economy, such as a strong education system, roads and bridges, and safe schools, streets, and communities. Follow along below.

  1. A "missed opportunity" to close tax loopholes - Statement on passage of corporate tax cut bill:

  2. Just how much corporate tax cuts in HB 440 (approved today by ) will cost over time:

  3. JFK tax cut cost $11.5 billion in 1964 dollars, $64.2 billion in current dollars. What was that about federal debt?

  4. Final vote. 129-65. Spending money we don't have. Will Pennsylvania end up like Harrisburg?

  5. War breaking out over education spending. Fact: federal dollars were appropriated as state general fund dollars.

  6. Cheers on the floor. Rep. Dermody says give us the money to put back into education that's what the citizens want.

  7. Unemployment nationally going down, since September 2012 PA unemployment going up.

  8. Gave sales factor changes to PA businesses. Still no jobs.

  9. Cutting taxes raisiing revenue is a fallacy. Tax cuts raise 25-30 cents for ever dollar cut. Bad return on investment.

  10. Cut taxes $3 billion, where are the jobs?

  11. PA cut capital stock tax, job growth fell from 27th to 34th.

  12. JFK had a top marginal rate of 91%. Went down to 70%.

  13. PA can add 20,000 jobs in September 2013 by hiring back teachers cut in 2011 and 2012.

  14. Governor's plan will create 18,000 jobs in 10 years, less than one-half of a percent.

  15. PBPC calls it as we see it. Add in the revenue and take out the cost. HB 440 big net loser.

  16. Tax cuts don't create jobs. Investments in education, colleges, infrastructure create jobs.

  17. Secretary Meuser acknowledged bill will cost money, it is not revenue neutral. Will bring in $ 1 billion, cost $7 billion.

  18. Rep. Conklin: no one has said the $800 million deficit isn't going to be there.

  19. Rep. Reed unwilling to undress whether bill is still revenue neutral in 7 years.

  20. PBPC relied on Corbett admin revenue estimates, and IFO analysis of actual revenue generated by addback in other states.

  21. The bill is revenue neutral for the two years in the fiscal note. Ducking the cost in the future.

  22. Sturla: This bill does nothing to close the Delaware loophole. It does a lot to report campaign contributors.

  23. Instead of cutting taxes and keeping the treasury in the black, it puts us $800 million in the red.

  24. Sturla: A few years ago we had a real attempt to close the Delaware loophole, cut the tax rates and add money to the treasury.

  25. Most jobs are created by businesses that are already here..

  26. No one is talking about workers who help make businesses successful. Corporations are sitting on $3 trillion in profits.

  27. Corporations have done well, while the middle class hasn't. Wall Street has done well, but our kids can't get jobs.

  28. Rep. DeLuca: I voted for it last year, I rise in opposition.

  29. The bill doesn't tell mention that it will cost $800 million.

  30. Rep.Barbin: most corporations don't pay taxes. True! 84% pay less than a family earning $36,000 a year.

  31. Council on State Taxation ranked PA 33rd in 2012 in total business tax burden, lower than Texas.

  32. Dermody: we have heard tax cuts create jobs, but our unemployment rate is still higher than national average.

  33. Mundy: Instead of tax fairness we get more cuts to profitable corporation and increased taxes on small businesses and individuals.

  34. Rep. Joe Markosek. These tax cuts are eating away at our ability to fund core public services.

  35. Anyone with a CPA who can’t get around this should fire his CPA.

  36. It is largely the same as last year. Nothing has been done to strengthen it.

  37. This bill does not close the Delaware loophole it enshrines it in law.

  38. Many provisions of this bill I would like to support, but we need to close the Delaware loophole.

  39. Debate starts on corporate tax cut bill, HB 440. Phyllis Mundy takes the floor.


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