New tax on unearned income could generate more than $50M for cash-strapped Pittsburgh
New tax on unearned income could generate more than $50M for cash-strapped Pittsburgh Pittsburgh Councilwoman Barbara Warwick plans to introduce a proposal that would impose a new city tax on capital gains, dividends, and other unearned income in an effort to generate over $50 million a year for the cash-strapped city. The legislation would create a 2% tax on these types of income, from rents, royalties, patents, copyrights, estates and trusts. The Keystone Research Center, a Harrisburg-based economic policy think tank, estimates that much of the revenue would come from Pittsburgh's wealthiest residents. The bottom 80% of Pittsburgh earners would pay an average of $20 a year under the new tax. The proposal comes as the city faces significant financial woes, with a preliminary 2027 spending plan relying on nearly $27 million from the city’s reserves to balance the budget.
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Barbara Warwick, D-Greenfield, speaks during a swearing-in ceremony for Pittsburgh City Council in council chambers on Jan. 8, 2024. (Massoud Hossaini | Tribune-Review)
Pittsburgh Councilwoman Barb W... [3103 symbols]
