But small businesses need more help accessing capital through the Small Business Administration, he said, particularly those in rural areas and veteran-owned businesses. Reducing regulations on smaller companies and providing more money for infrastructure repairs also could boost job growth, Sestak added.
At the same time, loopholes in that tax code allow many companies to avoid paying state income taxes altogether. Because of these loopholes, more than 70 percent of companies that do business in Pennsylvania do not pay corporate net income taxes at all. That forces more of the burden onto small businesses and families across our state
In other words, the problem is not only that our corporate net income tax rate is too high. The problem is that we are not even seeing the revenues the tax is supposed to generate. It is the worst of both possible worlds.
My budget will close the Delaware loophole and cut the corporate net income tax rate by 40 percent in the first year and 50 percent by 2018. That will take us from the one of the highest in the country to one of the lowest in the country.
Pennsylvania loses about $80 million a year that would otherwise be spent here. So here's a thought, let's make 2014 'last call' for state-controlled liquor in Pennsylvania.
But lawmakers, unions and watchdog groups criticized the deal. The state's Attorney General said last year the plan violated the Commonwealth's constitution, and a union that represents lottery workers has filed a lawsuit to stop the deal.
The Pennsylvania lottery, which funds programs for the elderly, generated almost $3.7 billion in sales last year. The proposed contract would have seen Camelot making annual payments, even if revenue fell short of a set limit. Corbett made the case that signing the deal would have led to a reliable, predictable revenue stream. But public watchdogs said that doesn't justify outsourcing profits to a private company.
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