IFO Releases
Senate Budget Hearing Request
March 06, 2024 | Economics and Other
The Independent Fiscal Office (IFO) responded to requests for additional information raised at the office’s budget hearing before the Senate Appropriations Committee. The requests relate to an adjusted financial statement, public assistance savings resulting from a higher minimum wage, impact of the Ohio rate structure on Pennsylvania tax liability, net migration for Pennsylvania, regional student loan debt comparison and U3 and U6 unemployment rates.
Tax Modernization and Reform Presentation
March 01, 2024 | Economics and Other
Director Knittel made a presentation to the House Finance Subcommittee on Tax Modernization and Reform.
Based on a request from Chair Rabb, the presentation was updated to add an additional slide that displays the income distribution for self-employment and S corporation/partnership income.
Negative Revision to PA Job Gains Expected
February 29, 2024 | Economics and Other
This research brief examines the implications of a recent QCEW data release for state payroll jobs data.
Economic Update
February 22, 2024 | Economics and Other
Director Knittel provided an economic update at the Economic Forecast and Business Leadership Summit.
2024 Budget Hearing Materials
February 20, 2024 | Economics and Other
The Independent Fiscal Office submitted materials to the Senate Appropriations Committee ahead of its budget hearing. The packet includes data on the state budget, revenue proposals, economy, revenues, demographics and other miscellaneous topics.
State and Local Tax Revenues: A 50 State Comparison
February 14, 2024 | Economics and Other
This report uses data from the U.S. Census Bureau, the U.S. Bureau of Economic Analysis, CCH AnswerConnect and the Tax Foundation to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the level of per capita state and local taxes across states (unadjusted and adjusted for price differentials) and (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property).
Tags: comparison, state, tax
Budget Roundtable Request
February 09, 2024 | Economics and Other
The IFO responded to questions raised at the House Budget Roundtable on January 31, 2024.
Economic Forum
February 05, 2024 | Economics and Other
Director Knittel made a brief presentation at the NFIB Economic Forum.
Tags: presentation
Economic and Budget Update Presentation
January 31, 2024 | Economics and Other
Director Knittel made a presentation of the mid-year update to the House Budget Roundtable.
Minimum Wage Impact on Hourly Wages
January 24, 2024 | Economics and Other
This research brief examines how a higher statutory minimum wage could impact lower-wage workers and provides employment and hourly wage estimates for certain lower-wage occupations to illustrate that Pennsylvania effective labor market minimum wage is likely in the range of $10.50 to $11.00 per hour.