flamehead2k1 t1_jaimh4r wrote on March 1, 2023 at 6:29 PM

Reply to comment by theAmericanStranger in Philly mayoral candidates are discussing gun violence tonight. Here are some key policies likely to come up by PhillyPanda

>If you have a wage tax, why not tax the really rich who come here to retire and live off their retirement/capital ?

There is already a tax on investment earnings.

Philly isn't a huge retirement destination and likely wouldn't be if taxes on this type of income went up significantly.

Easy enough for people to live in the suburbs and come in for dining and entertainment. Especially towns along PATCO or RR

theAmericanStranger t1_jaipttq wrote on March 1, 2023 at 6:50 PM

>Philly isn't a huge retirement destination

I'm older than most people here, so I know quite a few New Yorkers who come for the retirement, taking advantage of much cheaper real estate and living in general . From my small sample size this is recent trend.

But I think you're wrong - there is no Philly capital gain tax afaik, although be happy to be corrected.

flamehead2k1 t1_jaj4s9o wrote on March 1, 2023 at 8:24 PM

There is tax on interest, dividends and some short term gains. Long term gains aren't taxed but that can easily be included.

ragnaROCKER t1_jajpx8m wrote on March 1, 2023 at 10:36 PM

instead of a tax on the top earners, there should be a discount/bonus program for people that make under a certain threshold. plus you could make it exclusive for people that live within the city so people in the burbs would still "contribute".