Center City Goal: Add 100,000 New Jobs In 10 Years
Give Paul Levy credit: He dreams big. And the latest dream from the executive director of the Center City District is to bring 100,000 new jobs to the city over the next 10 years. According to the Philadelphia Business Journal, he proposes to do it the old-fashioned way: Tax cuts.
To get there, the city needs to get the wage tax below 3 percent and cut the net income portion of the business income and receipts tax in half, Levy said.
“We have the perfect tax structure for Baldwin locomotive and Flexible Flyer – things that can’t move,” Levy said.
The Journal notes that Philly hasn’t exactly attracted new businesses lately: “Center City has added 1.9 million square feet of new office space in the last 22 years. By comparison, the suburbs have added 10 million square feet during the last 10 years.” Maybe time to get cracking, then? On the other hand, with the current mess over AVI, maybe now isn’t a good idea to discuss shifting the city’s tax burden away from businesses and onto homeowners? Maybe that’s not the fallback, but if not, what is?
For the entirety of Levy’s State of Center City report, see here.