City Council’s liberal core is pushing for a new tax on stocks, bonds and other investments that they say will target the richest Philadelphians and help bolster the city’s public services.
Dubbed the “Philly Wealth Tax” and also known as a personal property tax, the measure, which proponents say could raise $240 to $280 million a year, would impose a 0.4% levy, or $4 for every $1,000.
The tax, which is being championed by Councilmember Kendra Brooks, would not apply to bank accounts or retirement funds, such as Roth IRA or 401(k) plans.
According to an analysis by the left-leaning Pennsylvania Budget and Policy Center, residents making less than $112,000 annually are unlikely to pay anything as a result of the change, though the levy would be applied to those in all income brackets.
