The state Senate approved Wednesday a bill that would repeal a provision in state law that could, according to Rep. Aaron Bernstine’s (R-Beaver/Butler/Lawrence), enable the implementation of a state wealth tax on personal property.
“I want to thank Senators Elder Vogel (R-Beaver/Butler/Lawrence) and Scott Hutchinson (R-Butler, Clarion, Forest, Venango, Warren) for their partnership in getting this legislation passed by the state Senate,” Bernstine, who introduced the legislation, said. “This bill will help ensure that taxpayers are protected against additional forms of taxation.”
A wealth tax is a levy on the total value of personal assets, including bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trust.
Bernstine introduced the bill on April 8, and the House of Representatives unanimously approved it in May. The bill now heads to the governor’s desk.
“This bill was introduced to eliminate the possibility of an asset tax in Pennsylvania,” Bernstine said. “As a fiscal conservative, I am committed to protecting our taxpayers from more financial harm.”