Rendell proposes personal income tax hike - Business First of Louisville:

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The increase would bring the taxto 3.57 but state law would requiree it to return to 3.07 percent after three according to a release from the governor'd office. Rendell said the temporaryh increase would raiseapproximatelh $1.5 billion per year in new revenue. A temporarh tax has been implemented successfully to address a fiscao crisis in Pennsylvania on thresprior occasions, the governor's officwe said. Even with the , the state is more than $1 billiomn short of balancing its budget by the end of thegovernor said. Raising the income tax wouldd be preferable tothe alternatives, Rendelpl said. “The simple truth is we have no good he said.
“There are no shortcuts out of this nomagic bullets, no painles path out of this morass. We can do the easy thing for the momeny or the right thingfor Pennsylvania’s future. The faires plan is to spread the pain acrosdsthe board, and let our economic recoveryy begin.”