Managing Partner, Michael Frattone weighs in on the impact of the city’s business income and receipts tax and wage tax cuts in The Legal Intelligencer. Although the cuts do not appear to be significant enough to make a direct and immediate impact on bottom lines, law firm leaders, including Frattone suggest that the cuts are a step in the right direction and will hopefully help bring more employees and clients back into the office.
“I think that the nature of the amount of the wage tax on employees and the receipt tax on businesses is an obstacle … [it’s] difficult for companies to really make investments in employees when you have that sort of obstacle,” he explained. If the city continues to make more significant cuts, said Frattone, it will help “to incentivize people to live downtown and incentivize companies to stay in Philadelphia.”
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