billionaires increased their wealth immensely during the pandemic. However, the court did uphold the right of local governments to tax individual wealth, and Brooks believes it time to bring the policy back to life, citing the recent studies showing that U.S. The following year, the PA Supreme Court ruled that part of the personal property tax was unconstitutional. The public push for the tax comes just two days before Mayor Jim Kenney is scheduled to deliver his budget proposal to City Council for the fiscal year that begins on July 1. “It allows the rich and the powerful to make themselves rich and more powerful at the expense of working families,” Warren said. Philadelphia billionaires alone have made hundreds of millions of dollars, such as Comcast CEO Brian Roberts, who grew his wealth by $200 million from 2020 to 2021.ĭuring the virtual conference, Warren said that proposals such as this one are very popular with Americans because they understand that the system is rigged, and not in their favor. On the flip side, the ultra-wealthy are thriving. Councilmember Kendra Brooks March 25, 2022Įven before the pandemic hit, Philadelphians, like residents in cities across the nation, are struggling to cover basic necessities such as housing, child care, food and utilities, and these costs take up a greater and greater portion of take-home pay for most individuals.Īlmost one fourth of Philadelphia residents, and 34% of Philly’s children live below the federal poverty line, which is the highest rate among the country’s 10 largest cities. RSVP to join us for the virtual campaign launch of #WealthTaxPHL! This Tuesday, I'm announcing the Philly Wealth Tax alongside budget policy experts, community leaders, and the coalition.
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February 2023
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