PHILADELPHIA (CBS) — People who live or work in Philadelphia are about to see a very small boost in their paychecks. Mayor Jim Kenney just signed a bill Tuesday afternoon to lower the city’s wage tax.
It is part of the budget passed by City Council last week.
Here is what the change means for you:
The wage tax for people living in the city will drop from 3.83% to 3.79%.
For non-residents, the wage tax will decline from 3.48% to 3.44%.
If you make $50,000, city residents will save $20 a year.
Non-residents making the same amount of money will keep an extra $4 a year.