Philadelphia’s recent demographic surge and economic growth has sparked much conversation regarding the future of the city. Those that are optimistic point to Philadelphia’s universities, medical institutions, culture, history and geographical location as reasons for confidence in Philadelphia’s continued development. Those that are not so optimistic are quick to note the barriers that have prevented Philadelphia from thriving over the last 40 years, including inequality, inadequate job growth, poverty, the public school system and the municipal tax structure.
Philadelphia’s tax structure in particular has been a hotly debated policy issue, particularly in light of persistent city budget constraints. The pressure to increase tax revenue is constantly weighed against the inherent disincentives that tax increases create in terms of investment and development in Philadelphia.
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