Philadelphia's Tax Reform Commission proposes eliminating the city's business income, receipts tax

PHILADELPHIA (WPVI) -- Philadelphia's Tax Reform Commission released its report, offering suggestions on how to bring more tax revenue and more people into the city.

The commission proposes eliminating the city's business income and receipts tax.

Members also suggest reducing the wage tax below 3%.

The Chamber of Commerce supports the plan but says even more bold reforms are needed.

Opponents from the Tax Reform Advisory Committee say the plan is a handout to big business that could potentially cost the city more than $2 billion in lost revenue over the next decade.

Mayor Cherelle Parker's office tells Action News it is reviewing the recommendations and that the mayor will discuss tax reform in her budget address on March 13.