Representative Napoleon Nelson, who serves Cheltenham, Jenkintown, and Springfield, joined lawmakers, unions and statewide advocacy organizations to announce the “Tax Billionaires, Fund PA” plan, a proposal which is expected to raise at least $4 billion in new revenue.

According to the announcement, three pieces of legislation make up the proposal:

• Close all corporate tax loopholes: Companies that do business in Pennsylvania should pay taxes in Pennsylvania. But right now, big corporations dodge taxes by shifting profits earned in Pennsylvania out of state. Governor Shapiro supports ending one tactic known as the “Delaware Loophole,” and the “Tax Billionaires, Fund PA” plan pushes for “worldwide combined reporting,” which would close all corporate tax loopholes and keep more money in PA. HB1601 was passed by the House in June and would stop corporate tax dodging.
  
• Pass a digital ad tax: Screens are flooded with ads that generate billions in profits for corporations like Google, Amazon, Meta, and TikTok – companies that profit off of our personal data. A digital ad tax would ensure these tech giants contribute their fair share by paying a sales tax on the advertisements that drive their revenue. In June, Rep. Fiedler introduced HB 1678 to implement a digital ad tax.
  
• Tax Pennsylvania’s billionaires: The richest people in Pennsylvania make millions every day without working. Taxing unearned income from stocks, real estate, trusts, and royalty checks could yield billions for the state. Rep. Krajewski circulated a co-sponsorship memo after today’s press conference.

“With federal funding cuts on the horizon and essential services like healthcare, education, and housing at risk, speakers called on the legislature to raise sustainable revenue by making the ultra-wealthy and large corporations pay their fair share,” the announcement said.

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