April 2024 – Municipal Money Matters

Report Date: April 10, 2024
Report Categories
  • Financial
Controller: Christy Brady


April’s Municipal Money Matters focuses on Philadelphia’s largest business taxes, Business Income and Receipts Tax and Wage Tax. Combined, the two taxes are responsible for roughly 70% of the City’s General Fund.

Since 2019, Philadelphia has been incrementally lowering both the BIRT and the City Wage Tax. Over this time, in 2019, BIRT generated $506M, and by 2023 saw a 29% increase in revenue to $653M, while the rate fell 7%. Wage Tax revenue went from $2B in 2019 to $2.3B in 2023, marking a 13% increase while during the same time the Wage Tax rate fell by 3%.