Tax Day

Third and State This Week: Closing Loopholes, a Flawed School Vouchers Plan and More

This week, we blogged about closing tax loopholes on Tax Day, a deeply flawed school vouchers plan in the state Senate, Governor Corbett's claims about property taxes in Texas, and much more.

IN CASE YOU MISSED IT:

'Close the Tax Loopholes' Day

Today is Tax Day, but perhaps we should rename it "Close the Tax Loopholes Day." That is the message delivered by Sharon Ward, Director of the Pennsylvania Budget and Policy Center, in an op-ed in Friday's edition of The Pittsburgh Post Gazette. Here's a highlight:

Many Pennsylvanians will grumble this week as they race to file their tax returns on time. Others will be laughing all the way to the bank.

Take General Electric, the nation's largest corporation. You would expect G.E. to have a pretty sizeable tax bill, right? Think again.

Despite worldwide profits of $14.2 billion (including $5.1 billion in U.S. profits), G.E. owed Uncle Sam nothing in federal taxes. In fact, the company got $3.2 billion back in tax benefits.

This Tax Day, Nearly All Working Pennsylvanians Are Paying Less

Today marks the annual deadline to file state and federal income taxes. As last-minute filers rush to mail their returns before the Post Office closes late tonight, let's take a moment to put "Tax Day" in perspective.

Nearly every working Pennsylvanian and working American is getting a tax cut in 2009, thanks to the American Recovery and Reinvestment Act. Recent polling, however, has shown that most people don't know that.

Citizens for Tax Justice has released a new analysis showing that we are, in fact, paying less this Tax Day. By their calculation, 99% of working Pennsylvanians and 98% of working Americans received tax cuts in 2009. Working people in Pennsylvania received $1,220, on average, from these tax breaks.

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