Standard and Principles of Tax Analysis Term Paper

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Pennsylvania's Unique Tax Environment

When someone says the word tax or any related form of the word, it makes people cringe. This cringe is for a good purpose. Almost everything we purchase is taxed somehow. Most of those people do not even understand all of the specific taxes that are being taken out of their checks. When comparing between different states, Pennsylvania has some unique features to its taxation system. To begin, it has a personal income tax, adopted in 1971, which is levied at a rate of 2.8%. Business taxes include a corporate net income tax of 9.99%, capital stock and franchise taxes, and taxes on public utilities, insurance premiums, and financial institutions (Braybrooks, et al., 2011).

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Pennsylvania's 6% sales and use tax exempts essential items like clothing, groceries, and medicines. Local sales taxes are limited to 1%. The state has an inheritance tax and has taken action to disconnect its estate tax from the federal tax exemption, which is scheduled to expire in 2007. Gift and death taxes account for a comparatively substantial part of state tax collections: 6.2% in 2001 and 3.44% in 2002. Other taxes include various license fees and stamp taxes. Most….....

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