So what does the Nutter budget mean for your pocketbook? Here's a glance at the changes in city taxes:
So what does the Nutter budget mean for your pocketbook?
Here's a glance at the changes in city taxes:
* The wage tax will continue to decline. Residents now are taxed at 4.2 percent and nonresidents at 3.7 percent. Under the five-year plan, those rates would drop to 3.6 percent for residents and 3.25 percent for nonresidents by 2013.
* For business owners, the gross-receipts portion of the business-privilege tax will be gradually eliminated over the next 10 years. And the net-income portion of the tax would be reduced to 6.25 percent - down from 6.5 - by 2013.
* There are no planned changes to residents' property taxes.
* The one tax that is increasing is the parking tax, which will be raised from 15 percent to 20 percent. That's likely to be passed on as higher costs at parking lots around the city. *
- Catherine Lucey