Search Results

Your search for wage returned 293 results.
UGSOA Wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the United Government Security Officers of America (UGSOA).

Tags: contract, wage

PSEA Wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania State  Education Association (PSEA), Non-Tenured Teachers Unit.

Tags: contract, wage

PSCOA Wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania State Corrections Officers Association (PSCOA).

Tags: contract, wage

SEIU Local 668 UC Referees Unit Wage Contract Analysis

The Independent Fiscal Office (IFO) has issued a cost analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Service Employees International Union (SEIU) Local 668 Unemployment Compensation (UC) Referees.

Tags: contract, wage

CIVEA Wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Correctional Vocational Education Association (CIVEA).

Tags: contract, wage

Budget Hearings Packet for Appropriations Committees

The Independent Fiscal Office submitted materials to the House and Senate Appropriations Committees ahead of its scheduled budget hearings. This packet examines the minimum wage, personal and corporate income tax and other proposals included in the FY 2021-22 Executive Budget.

02/12/2021

2019 wage Contracts Summary Table

This table provides an up-to-date summary of the recent wage contracts analyzed by the IFO. Additional estimates will be provided after the relevant contract detail has been transmitted to the IFO by the Office of Administration.

11/12/2020

UGSOA wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the United Government Security Officers of America (UGSOA).

11/12/2020

PSEA wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania State  Education Association (PSEA), Non-Tenured Teachers Unit.

07/02/2020

PSCOA wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania State Corrections Officers Association (PSCOA).

06/26/2020

SEIU Local 668 UC Referees Unit wage Contract Analysis

The Independent Fiscal Office (IFO) has issued a cost analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Service Employees International Union (SEIU) Local 668 Unemployment Compensation (UC) Referees.

05/07/2020

CIVEA wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Correctional Vocational Education Association (CIVEA).

02/27/2020

ALES wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Association of Liquor Enforcement Officers (ALES).

11/06/2019

OPEIU wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Office and Professional Employees International Union (OPEIU).

11/06/2019

PDA wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania Doctors Alliance (PDA).

11/06/2019

SEIU Healthcare wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Service Employees International Union (SEIU), Healthcare.

11/06/2019

PLEA wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Pennsylvania Liquor Enforcement Association (PLEA).

10/11/2019

FOSCEP wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Federation of State Cultural and Educational Professionals (FOSCEP).

10/11/2019

Minimum wage Increase Estimates

In response to a legislative request, the IFO transmitted a letter that expands upon a prior analysis on the impact of a proposed minimum wage increase.

10/10/2019

Management and Non-Represented wage Contract Analysis

In response to a legislative request, the Independent Fiscal Office (IFO) has issued a cost analysis that assumes management and non-represented employees will receive salary increases consistent with the new collective bargaining agreements.

09/25/2019

ISSU wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and the Independent State Stores Union (ISSU).

09/13/2019

UFCW wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and UFCW.

08/13/2019

SEIU wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and SEIU.

08/13/2019

AFSCME wage Contract Analysis

This letter provides a fiscal impact analysis of the collective bargaining agreement between the Commonwealth of Pennsylvania and AFSCME.

08/13/2019

PA Economy League Presentation

In partnership with the Pennsylvania Economy League, Director Matthew Knittel and Deputy Director Brenda Warburton will make multiple presentations on raising the state minimum wage to $12.00 per hour. The presentation examines the proposed minimum wage’s impact on employment, worker incomes, prices and state spending.

05/01/2019

UGSOA wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

03/08/2018

ALES wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

02/16/2018

PDA wage Contract Analysis

Pursuant to section 604-B(a)(8) of the Administrative Code of 1929, the Independent Fiscal Office has prepared a cost analysis of the collective bargaining agreements between the Commonwealth of Pennsylvania and the Pennsylvania Doctors Alliance (PDA).

10/02/2017

PLEA wage Contract Analysis

Pursuant to section 604-B(a)(8) of the Administrative Code of 1929, the Independent Fiscal Office has prepared a cost analysis of the collective bargaining agreements between the Commonwealth of Pennsylvania and the Pennsylvania Liquor Enforcement Association (PLEA).

07/05/2017

Savings and Costs of a $12/hour Minimum wage on DHS-administered Programs

In response to a legislative request, the IFO reviewed the Department of Human Services' projections for the state savings and costs that could occur if Pennsylvania's minimum wage were to be increased to $12 per hour. 

06/30/2017

ISSU & PSSU wage Contracts Analysis

Pursuant to section 604-B(a)(8) of the Administrative Code of 1929, the Independent Fiscal Office has prepared a cost analysis of the collective bargaining agreements between the Commonwealth of Pennsylvania and the following unions: Independent State Stores Union (ISSU) Pennsylvania Social Services Union (PSSU), Hearing Officers

03/08/2017

PFBC wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

02/02/2017

AFSCME wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

09/27/2016

SEIU wage Contract Analysis

Section 604-B(a)(8) of Act 100 of 2016 (Act of July 20, 2016, P.L. 849, No. 100) requires the Independent Fiscal Office (IFO) to: Provide a cost analysis for the current fiscal year and remaining subsequent fiscal years of the impact of each proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23, 1970 (P.L. 563, No. 195), known as the Public Employe Relations Act.

09/27/2016

Raising the Minimum wage in Pennsylvania

This research brief presents an analysis of the potential impact of the proposal to 1) raise the Pennsylvania state minimum wage from $7.25 to $10.10 and 2) automatically adjust future minimum wage levels to offset inflation.

11/30/2015

Revenue-Proposal-Analysis-2019-03.pdf

3 Sales and Use Tax ........................................................................................................................... 8 Personal Income Tax ....................................................................................................................... 9 Resource Enhancement Tax Credit ................................................................................................... 9 Raising the Minimum Wage .................................................................................................... 11 Minimum Wage Across States ........................................................................................................ 12 Recent Minimum Wage Studies ...................................................................................................... 14 Workers Affected by a $12 per Hour Minimum Wage ....................................................................... 19 Businesses Affected by a

Hits: 454

Revenue-Proposal-Analysis-2020-04.pdf

Sales and Use Tax ......................................................................................................................... 14 Cigarette Tax ................................................................................................................................ 14 Personal Income Tax ..................................................................................................................... 15 Gaming Taxes ............................................................................................................................... 15 Raising the Minimum Wage .................................................................................................... 17 Minimum Wage Across States ........................................................................................................ 18 Recent Minimum Wage Studies ...................................................................................................... 20 Border County Comparison ............................................................................................................ 23 Workers Affected by a $12 per Hour Minimum Wage ....................................................................... 25

Hits: 339

Revenue-Proposal-Analysis-2018-04.pdf

Tax and Revenue Proposals ......................................................................................... 3 Corporate Net Income Tax ........................................................................................ 3 Natural Gas Severance Tax ....................................................................................... 7 Raising the Minimum Wage ....................................................................................... 15 Minimum Wage Across States ................................................................................. 16 Workers Directly Affected by a Higher Minimum Wage ........................................... 19 Potential Employment Impact of a Higher Minimum Wage ...................................... 22 Income

Hits: 202

RB-2015-04.pdf

Independent Fiscal Of Ðice November 2015 1 Research Brief 2015‐4 November 2015 Raising the Minimum Wage in Pennsylvania The FY 2015‐16 Executive Budget includes a proposal that (1) increases the state minimum wage from $7.25 to $10.10 and (2) automatically adjusts future minimum wage levels to offset in Ðlation. This research

Hits: 139

Five_Year_Outlook_2019.pdf

Components of Population Change ................................................................................... 9 Population Growth Across States .....................................................................................13 Section 3: Economic Outlook .............................................................................................. 15 Employment Trends .......................................................................................................17 Wage Trends .................................................................................................................18 Consumer Trends ..........................................................................................................19 Housing Trends .............................................................................................................20 Section 4: Revenue Outlook ............................................................................................... 21 Revenue Versus Economic Growth ..................................................................................22 Personal Income Tax .....................................................................................................24 performance of a state economy: (1) real gross domestic product (GDP, excludes inflation), (2) nominal GDP, (3) statewide wages and salaries, (4) the regional consumer price index (CPI-U) and (5) the annual change in payroll employment (i.e., net job

Hits: 52

Five_Year_Outlook_2020.pdf

target inflation rate of 2.0 percent.  Interest rates remain relatively low. Energy prices do not increase dramatically.  Wage earners receive raises that exceed inflation (i.e., real wages increase).  Payroll employment does not return to its pre-pandemic level until CY 2026. 2019 2020 2021 2022 2023

Hits: 51

Presentation-2019-5-1-PAEL.pdf

Raising the Minimum Wage to $12.00 Presentation for the PA Economy League Matthew Knittel, Director Independent Fiscal Office May 1, 2019 The Pennsylvania care, hospitals and nursing/residential care facilities. Source: U.S. Bureau of Labor Statistics, State and Area Employment. The Minimum Wage Proposal Increase minimum wage from $7.25 to $12.00/hr (+65.5%).  Note: average wage for workers earning

Hits: 42

TC_2019_Film_Production_Tax_Credit_Report.pdf

little to promote economic growth because a large portion of the subsidized expenses flow out of state as wages to non-residents and some recipients would film in the state regardless of the tax credit. This analysis examines these and other the-line (e.g., crews) labor costs. For example, Illinois offers a 30 percent credit, but only resident wage and employer benefits up to $100,000 are qualified expenses. For New Mexico, non-resident above-the-line labor that does not

Hits: 29

TC_2020_Organ and Bone Marrow Donation Tax Credit.pdf

or bone marrow donation, with most states providing an income tax deduction for non-medical expenses and lost wages incurred by the donor. Unfortunately, these state incentive programs do not appear to be widely utilized. This analysis examines these and other donation (e.g., $10,000). The move to a dollar cap would increase the proportional benefit to lower wage-workers. Expand the program to provide direct financial support to living donors. This support could be provided via a donor tax

Hits: 28

Revenue-Estimate-2019-05.pdf

2019 and 2020, the U.S. economic forecast by IHS Markit projects a deceleration of economic growth, stable wage gains and moderate inflation. (See Table 1.1 .) For Pennsylvania, the economic forecast by the Independent Fiscal Office (IFO) also projects a gross domestic product, excludes inflation) will increase by 1.9 percent (2019) and 1.9 percent (2020).  Wages and Salaries paid to Pennsylvania residents will increase by 4.0 percent and 4.1 percent.  Payroll Employment will expand by

Hits: 28

Official-Revenue-Estimate-2019-06.pdf

2019 and 2020, the U.S. Economic forecast by IHS Markit projects a deceleration of economic growth, stable wage gains and moderate inflation. (See Table 1.1.) For Pennsylvania, the economic forecast by the Independent Fiscal Office (IFO) also projects a  Real GDP (real gross domestic product, excludes inflation) will increase by 1.9 percent each year.  Wages and Salaries paid to Pennsylvania residents will increase by 4.1 percent each year.  Payroll Employment will expand by 57,700

Hits: 28

SUT Exemption for Aircraft - January 2013.pdf

MRO services. The data are from the U.S. Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW). The QCEW data provide quarterly employment and wage data by six- digit North American Industry Classification System (NAICS) at the state level, provided that certain disclosure restrictions are met. The

Hits: 24

PICPA_Presentation.pdf

7,765 111 1.4% 72 0.9% Sales – Motor Vehicle 1,247 24 2.0% 24 2.0% PIT – Wages 8,862 295 3.4% 291 3.4% PIT – Non-Wage 2,582 -98 -3.7% -107 -4.0% All Tobacco 1,216 386 46.5% -51 -6.1% Inheritance 855

Hits: 24

IFO_Hearing_Packet_Feb2018.pdf

Change in Employer Contributions 24 Funded Ratios for PSERS and SERS 25 Miscellaneous Materials Property Tax Projections 26 State Minimum Wage Levels 27 State Corporate Tax Rates and Other Attributes 28 PBB and Tax Credit Review Schedule 29 Independent Fiscal Office Review (January 2017, May 2017, August 2017, November 2017)  Mid‐Year Update FY 2016‐17 (January 2017)  PFBC Wage Contract Analysis (February 2017)  Pennsylvania Gaming Trends (February 2017)  Department of Corrections Performance Measures (February 2017)  Quarterly

Hits: 24

Revenue-Estimate-2020-05.pdf

domestic product, excludes inflation) decreases by 6.2 percent (2020) and increases by 6.3 percent (2021).  Wages and Salaries paid to Pennsylvania residents decrease by 3.2 percent (2020) and increase by 5.5 percent (2021). Those amounts exclude up operations. COVID-19 2018 2019 2020 2021 Real GDP 2.6% 2.3% -6.2% 6.3% Wages-Salaries 4.3% 4.2% -3.2% 5.5% Net Payroll Jobs (000s) 68.9 55.5 -495.3 357.1 Philadelphia

Hits: 23

Official-Revenue-Estimate-2020-06.pdf

domestic product, excludes inflation) decreases by 5.6 percent (2020) and increases by 5.5 percent (2021).  Wages and Salaries paid to Pennsylvania residents decrease by 3.2 percent (2020) and increase by 5.0 percent (2021). Those amounts exclude May 19). COVID-19 2018 2019 2020 2021 Real GDP 2.6% 2.3% -5.6% 5.5% Wages-Salaries 4.3% 4.2% -3.2% 5.0% Net Payroll Jobs (000s) 68.9 55.5 -453.0 309.7 Philadelphia

Hits: 23

MTR-2016-10.pdf

8,849 $8,786 $63 Growth -0.2% 0.2% -38.7% Dollar amounts are in millions. RECENT TRENDS IN WAGE INCOME Wages and salaries earned by workers are an integral part of the state and national economies. For Pennsylvania, wage income ($308

Hits: 23

Economic_and_Revenue_Update_2021.pdf

Average Tax Rate and Rank .......................................... 17 SERS and PSERS Financial Data ............................................................................... 18 Tax Credit and Economic Development Incentives .................................................... 19 Minimum Wage Rates by State ................................................................................ 21 PA Worker Distribution by Hourly Wage Rates .......................................................... 22 PIT Revenue Proposal: Impact on Different Filers ..................................................... 23 PIT Revenue Proposal: Impact on Average Effective Tax Rates .................................. 24

Hits: 23

Economic_and_Revenue_Update_2020.pdf

Trends ($/mmbtu) ................................................................................................... 22 SERS and PSERS Employer Contributions Rates and Funding Ratios ...................................... 23 SERS and PSERS Financial Data .............................................................................................................. 24 Minimum Wage Rates by State ............................................................................................................. 25 PA Workers Affected by a $12 Minimum Wage (2018) ................................................................ 26 States with Corporate Net Income Tax ............................................................................................... 27 Combined Reporting vs. Separate Reporting States ..................................................................... 28 PBB and Tax Credit

Hits: 23

2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdf

presently earned. In other words, the employee undertakes to perform services for the employer in return for compensation, both present (wages and benefits) and future (to be paid after retirement). Any benefit not part of the consideration for services is not that still holds true. The traditional bargain was that public employees would receive secure retirement benefits as compensation for lower wages. As many states around the nation have faced the funding pressures resulting from the recession of 2008, many governments have

Hits: 23

TC_2019_New_Jobs_Tax_Credit_Report.pdf

business must agree to increase employment by at least 10 percent in the same period.) The average hourly wage (excluding benefits) for each newly-created job must be at least 150 percent of the Federal minimum wage (currently $7.25 per hour) which equals $10.88 per hour. The JCTC is one of 22 credits subject to review by

Hits: 22

RB-2020-COVID-19 Local Revenue Impact.pdf

1) property tax bills sent in March 2020, (2) EIT remittances received during the calendar year, which are attributable to wage compensation and certain net profits earned one quarter prior (i.e., 2019 Q4 to 2020 Q3) and (3) gaming local Property tax revenues are generally related to property tax bills sent in July 2020 and EIT remittances are attributable to wages and net profits earned one quarter prior (i.e., 2020 Q2 to 2021 Q1). 1 Hence, COVID-19 will affect

Hits: 22

Official-Revenue-Estimate-Methodology-2019-06.pdf

years. These two revenue sources are linked because the decision to purchase taxable goods is a function of wage and business income, while wage and business income are simultaneously a function of total consumer and business purchases. Hence, the methodologies used to project these tax revenues

Hits: 22

Official-Revenue-Estimate-Methodology-2020-6.pdf

years. These two revenue sources are linked because the decision to purchase taxable goods is a function of wage and business income, while wage and business income are simultaneously a function of total consumer and business purchases. Hence, the methodologies used to project these tax revenues

Hits: 21

ACN_SB1071_A10803_text.pdf

the Public School Code of 1949, or other types of military leave, including other types of leave payments, stipends, differential wage payments as defined in IRC § 414(u)(12) and any other payments, provided, however, that the limitation under section 401 participants of the plan; that the employer shall fully compensate the member or participant, including, but not limited to, salary, wages, pension and retirement contributions and benefits, employer defined contributions, other benefits and seniority, as if he were in full-time

Hits: 20

HTAE_2019_05_15.pdf

1 2015 2016 2017 2018 2019 United States Real GDP 2.9% 1.6% 2.2% 2.9% 2.7% Wages-Salaries 5.1% 2.9% 4.6% 4.5% 4.5% Consumer Price Index 0.1% 1.3% 2.1% 9% -5.4% 1.2% 10.7% ---- Pennsylvania Real GDP 2.0% 1.1% 1.7% 2.1% 1.9% Wages-Salaries 4.0% 1.3% 4.0% 4.0% 3.9% Net New Jobs (000s) 46.2 48.8 58

Hits: 18

platt ppt.pdf

www.bea.gov Recent Trends in Personal Income, Earnings and Wages in Pennsylvania Joel D. Platt Associate Director for Regional Economics Revenue Forecasting Conference Independent Fiscal Office for Pennsylvania January 18 government transfers 5 www.bea.gov Components of Personal Income ▪ Earnings (Place of Work)  Compensation (Place of Work)  Wages and salaries  Supplements  Employer payments for pensions and health insurance  Employer contributions for social insurance  Proprietors

Hits: 17

UGSOA_Wage_Contract_ Analysis_2020.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of August 31, 2020:  Total annual wage base of affected workforce: $7.6 million.  Total number of full-time equivalent employees covered: 191.  Benefit rate

Hits: 16

TC_2020_Research and Development Tax Credit.pdf

Many firms that claim the RDTC are large multistate corpo- rations that can shift R&D spending (mostly wages) between states. For many firms that regularly claim the credit, the data show that it significantly reduces their CNIT liability.  Pennsylvania On an annual basis, the tax credit creates or retains 915 full-time jobs at a typical annual wage of $80,000 to $95,000 for established firms. The recommendations of this report are as follows. A more complete discussion of

Hits: 16

SEIU Local 668 UC Referees Analysis- 2020.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $3.6 million.  Total number of full-time equivalent employees covered: 46.  Benefit rate

Hits: 16

SEIU Healthcare Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $84.2 million.  Total number of full-time equivalent employees covered: 1,136.  Benefit

Hits: 16

PSEA Wage Contract Analysis- 2020.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $1.8 million.  Total number of full-time equivalent employees covered: 24.  Benefit rate

Hits: 16

PSCOA Wage Contract Analysis- 2020.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of May 4, 2020:  Total annual wage base of affected workforce: $658.9 million.  Total number of full-time equivalent employees covered: 10,798.  Benefit

Hits: 16

PLEA Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $7.0 million.  Total number of full-time equivalent employees covered: 136.  Benefit rate

Hits: 16

PDA Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $20.2 million.  Total number of full-time equivalent employees covered: 138.  Benefit rate

Hits: 16

OPEIU Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $20.2 million.  Total number of full-time equivalent employees covered: 232.  Benefit rate

Hits: 16

ISSU Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $33 million.  Total number of full-time equivalent employees covered: 697.  Benefit rate: weighted-

Hits: 16

FOSCEP Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $21.0 million.  Total number of full-time equivalent employees covered: 308.  Benefit rate

Hits: 16

CIVEA Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 the following parameters and data obtained from the state accounting system as of September 30, 2019: 1  Total annual wage base of affected workforce: $23.3 million.  Total number of full-time equivalent employees covered: 341.  Benefit rate

Hits: 16

ALES Wage Contract Analysis- 2019.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $2.0 million.  Total number of full-time equivalent employees covered: 28.  Benefit rate

Hits: 16

Independent Fiscal Office

Independent Fiscal Office IFO • Latest Releases • Data • Calendar • Right-to-Know • About • About IFO • Contact IFO • Email Subscription • Links • Follow on Twitter • • Independent Fiscal Office Revenue Estimates Revenue & Economic Update Performance Budgeting Natural Gas Pension Analysis Property Tax Wage Contracts Tax Credit Review News Stand & Other Featured Releases School Property Tax and Act 1 Index Property Tax February 25 submitted materials to the House and Senate Appropriations Committees ahead of its scheduled budget hearings. This packet examines the minimum wage, personal and corporate income tax and other proposals included in the FY 2021-22 Executive Budget. ... (Full Report) January 2021

Hits: 16

Wage_Contracts_PDA.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 analysis uses the following parameters and data obtained from the state accounting system as of August 12, 2016: • Total annual wage base of affected workforce: $18 million. 1 • Total number of full-time equivalent employees covered: 135. • Benefit rate: weighted-average

Hits: 15

Response-Letter-10-7-2019.pdf

Thank you for your recent letter that requests the Independent Fiscal Office (IFO) to provide additional data on the minimum wage analysis included in the Analysis of Revenue Proposals published by the office in March 2019. Your letter requests additional detail regarding the net wage gains displayed in Table 2.6 of the report. Your letter also inquires about reduced work hours and reduced benefits

Hits: 15

MGMT Nonrepresented Wage Contract.pdf

uses the following parameters and data obtained from the state accounting system as of July 1, 2019:  Total annual wage base of affected workforce: $959 million.  Total number of full-time equivalent employees covered: 12,490.  Benefit rate: weighted-average rate of 43.6%. The benefit rate reflects indirect costs related to employee wages such as employer pension contributions, Social Security and Medicare taxes, and workers’ compensation payments. For example, a benefit rate of

Hits: 15

Economic_and_Revenue_Update_2020_10.pdf

to the June 2020 forecast, the IFO projects a smaller contraction of real GDP, a smaller reduction in wages and salaries paid to workers, the same magnitude of average job losses and slightly stronger inflation as measured by the Philadelphia CPI- due June 2020 Forecast 2018 2019 2020 2021 Real GDP 2.6% 2.3% -5.6% 5.5% Wages-Salaries 4.3% 4.2% -3.2% 5.0% Net Payroll Jobs (000s) 69 56 -453 310 Philadelphia CPI-U 1.3%

Hits: 15

mid-year-FY14-15-presentation.pdf

Outlook for 2015 and 2016. • Forecasts: June 2014 vs. January 2015. • Drop in gas prices: SUT and other impacts. • Real wage growth: boost to consumer confidence? FY 2014‐15 General Fund Revenues. • Performance through January. • Revisions to FY 2014‐15 estimate U June 2014 1.7% 2.2% n.a. possibly negative Jan 2015 1.3% 0.3% 1.6% Total Wages June 2014 3.2% 3.8% n.a. some risks Jan 2015 3.2% 3.6% 3.8% Average Job

Hits: 14

IFO - Economic and Budget Outlook - January 2012.pdf

personal income because that series is published in a more timely manner. Personal income is equal to the sum of wages, proprietor, rental, dividend, and interest income plus various government transfers such as social security and unemployment compensation. 2 For the of the (unexpected) labor market weakness is reflected in a downward revision in the growth rate of payroll employment, real wages and real personal consumption for the third and fourth quarters of 2011 (not shown in table). The impact of that

Hits: 14

Wage Contract SEIU-FINAL.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 the following parameters and data obtained from the state accounting system as of August 12, 2016: 2  Total annual wage base of affected workforce: $471 million.  Total number of full-time equivalent employees covered: 9,546.  Benefit rate

Hits: 13

Wage Contract AFSCME-FINAL.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 the following parameters and data obtained from the state accounting system as of August 12, 2016: 2  Total annual wage base of affected workforce: $1,364 million.  Total number of full-time equivalent employees covered: 31,986.  Benefit

Hits: 13

Revenue-Estimate-2020-05-Presentation.pdf

or Change 2019.2 2019.3 2019.4 2020.1 Real GDP 2.1% 1.9% 2.3% n.a. Wages-Salaries 4.7% 3.5% 4.3% 3.7% Net New Jobs (000s) 53.1 54.7 48.2 51 May 26, 2020 3 COVID-19 2018 2019 2020 2021 Real GDP 2.6% 2.3% -6.2% 6.3% Wages-Salaries 4.3% 4.2% -3.2% 5.5% Net Job Gains (000s) 68.9 55.5 -495.3 357

Hits: 13

Presentation-2018-08-PA-State-Association-Boroughs.pdf

jobs. Slower growth. Housing pressures. Transition to local unit trends.  Earned income tax and property tax.  Focus on wage growth. August.08.2018 2 Good Morning & Today’s Presentation Established in 2011. Non-partisan analysis.  Modeled after the  Separate from Executive and Legislative branches. Various mandatory duties.  General Fund revenue estimates.  Coordinate pension analysis. Analyze wage contracts.  Develop Performance-Based Budget plans for agencies. Things the office does not do:  Make policy or budget

Hits: 13

Municipal_Analysts_Presentation.pdf

General Fund Revenue Estimates (May 1, June 15).  Five-year economic and budget outlook (November 15).  Pension and wage contract analysis.  Special studies at request of General Assembly. A Quick Tour Budget Status.  Where are we? How 2017; same trends. Continued low inflation has mixed effects.  Margins get squeezed. Hard to pass on costs.  Real wage gains. Does not translate into spending. Healthcare-Soc. Service dominates job gains.  About two-thirds of these gains for

Hits: 13

IFO_Hearing_Packet_Feb2019.pdf

Pension Systems Data ............................................................................................................... 20 Employer Contribution Rates for PSERS and SERS ...................................................... 21 Funded Ratios for PSERS and SERS .................................................................................... 22 Minimum Wage Rates by State ............................................................................................. 23 Corporate Net Income Tax by State .................................................................................... 24 Performance-Based Budgeting (PBB) and Tax Credit Schedule ............................ 25 Production Tax Credit Review (January 2019) Historic Preservation Tax Credit Review (January 2019) New Jobs Tax Credit Review (January 2019) • Wage Contracts ALES Wage Contract Analysis (February 2018) UGSOA Wage Contract Analysis (March 2018) • Natural Gas Impact Fee Update (January 2018

Hits: 13

Analysis of Recent Collective Bargaining Agreements.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 analysis uses the following parameters and data obtained from the state accounting system as of August 12, 2016: • Total annual wage base of affected workforce: $196 million. • Total number of full-time equivalent employees covered: 3,650. • Benefit rate: weighted-average

Hits: 13

Wage Contract PFBC-FINAL.pdf

proposed collective bargaining agreement under the jurisdiction of the Governor prior to execution, including the costs to cover public employee wages, benefits, pensions and working conditions that have been reduced in writing under section 701 of the act of July 23 analysis uses the following parameters and data obtained from the state accounting system as of August 12, 2016: • Total annual wage base of affected workforce: $4 million. • Total number of full-time equivalent employees covered: 80. • Benefit rate: weighted-average rate

Hits: 12

Official-Revenue-Estimate-2020-06-Presentation.pdf

or Change 2019.2 2019.3 2019.4 2020.1 Real GDP 2.1% 1.9% 2.3% n.a. Wages-Salaries 4.7% 3.5% 4.3% 3.7% Net New Jobs (000s) 53.1 54.7 48.2 51 June 22, 2020 3 COVID-19 2018 2019 2020 2021 Real GDP 2.6% 2.3% -5.6% 5.5% Wages-Salaries 4.3% 4.2% -3.2% 5.0% Net Job Gains (000s) 68.9 55.5 -453.0 309

Hits: 12

MER-2014-07.pdf

for 2014.2 is 4.0%. Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Value for 2014.2 is 4 days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index

Hits: 12

Five_Year_Outlook_2016_IFO_PPT.pdf

3% 4% 5% 1996 2000 2004 2008 2012 2016 2020 PA US +47,000 jobs per annum 3.2% average wage growth 2.1% inflation 1.1% real wage increase also known as a “flat line” Real GDP Growth Demographic Outlook Projections from the Pennsylvania State Data Center Official

Hits: 12

TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf

17.9% 4.1% 5.1% Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Calculations by IFO. Table 2.5 Average Growth in Number of Business Establishments: 2014 to 2018 Section 2: Overview of the KIZ of labor earnings (includes employee compensation, and the earnings of independent contractors and sole proprietors). 24 Median annual wages for typical occupa- tions in subsectors that use the credit include software developer ($93,670), computer programmer ($84,880) and biomedical engineer

Hits: 11

Presentation-2019-01-Mid-Year-Update.pdf

0.9% 1.8% 2.3% 2.2% Jan 2019 1.2% 2.2% 2.2% 2.0% 1.9% Wages-Salaries Jun 2018 1.3% 3.8% 4.3% 4.2% Jan 2019 1.3% 4.0% 4.1% 4 62.5 57.1 Jan 2019 50.0 62.9 70.9 58.7 54.7 Note: Real GDP and Wage data revised for 2016 and 2017. Source: Historical data from U.S. Bureau of Economic Analysis and U.S. Bureau

Hits: 11

Official-Revenue-Estimate-2018-06.pdf

CPI-U (consumer price index) will increase by 1.8 percent (2018) and 2.2 percent (2019).  Wages and Salaries paid to Pennsylvania residents will increase by 4.3 percent (2018) and 4.2 percent (2019).  Payroll Employment will real GDP growth.  Lower consumer price inflation in 2017 and 2018.  A downward revision to 2016 wage growth, but stronger growth for 2018.  Stronger job gains for the June 2018 economic forecast. 2014 2015 2016 2017 2018 2019

Hits: 11

MER-2015-02.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 5 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐

Hits: 11

Single-Use Plastics Report-2020_06.pdf

22,357 25,694 2.8 Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Table 4.1 - Overview of Pennsylvania Retailers # of Establishments # of Jobs Average Annual Pay Note: AAGR is average annual growth rate. Grocery at the checkout per year across all households. When this is applied to half the state median hourly wage, the statewide time cost is estimated to be at least $6 million per year. 51 Finally, the effectiveness of any regulation relies

Hits: 10

Presentation-2018-06-PICPA.pdf

 Federal tax cut continues to flow into economy.  Corporate base expansion enhances revenues.  Tight labor market sustains wage growth.  Inflation accelerates above 2%. Helps pricing power. June.12.2018 2 Optimistic Revenue Outlook Wage income - statewide growth is strong.  Withholding growth +4.4% since start of FY 17-18.  Rough split: +1

Hits: 10

Initial-Revenue-Estimate-2018-05.pdf

U (consumer price index) will both increase by 1.8 percent (2018) and 2.2 percent (2019).  Wages and Salaries paid to Pennsylvania residents will increase by 4.3 percent (2018) and 4.2 percent (2019).  Payroll Employment will real GDP growth.  Lower consumer price inflation in 2017 and 2018.  A downward revision to 2016 wage growth, but stronger growth for 2018.  Stronger job gains for the May 2018 economic forecast. 2014 2015 2016 2017 2018 2019

Hits: 10

Budget Hearings Packet.pdf

August 2016) • Natural Gas Production Report Quarter 2 (August 2016) • Using Performance Measures in the State Budget (September 2016) • AFSCME Wage Contract Analysis (September 2016) • SEIU Wage Contract Analysis (September 2016) • Actuarial Note Transmittal for A10803 to Senate Bill 1071 (October 2016) • Quarterly Revenue Review (October 2016

Hits: 10

Budget Hearings Packet- Web Version.pdf

August 2016) • Natural Gas Production Report Quarter 2 (August 2016) • Using Performance Measures in the State Budget (September 2016) • AFSCME Wage Contract Analysis (September 2016) • SEIU Wage Contract Analysis (September 2016) • Actuarial Note Transmittal for A10803 to Senate Bill 1071 (October 2016) • Quarterly Revenue Review (October 2016

Hits: 10

Revenue-Update-2020-04.pdf

income sources is unaffected by mandated business closures. Moreover, those income sources are not subject to Pennsylvania personal income tax. Wage and salary income comprises nearly 60 percent of all cash income received by state residents, and excludes self-employed individuals and independent contractors. Wages motivate personal income tax withholding revenues. The non-wage income shown in Table 2 (net profits of sole proprietors, self-

Hits: 9

Public Employee Retirement Laws of PA Local Governments (2009).pdf

evidence, tampering with public records or information, obstructing administration of law or other governmental function, official oppression, and speculating or wagering on official action or information. A criminal offense under the personal income tax chapter of the Tax Reform Code of police officers, city paid firefighters, and per diem laborers. An individual holding a position as a laborer at per diem wages is not required to contribute toward the retirement system but may elect to do so and become entitled to the

Hits: 9

Presentation-Initial-Revenue-Estimate-2018-05.pdf

millions. JUA is Pennsylvania Professional Liability Joint Underwriting Association. May.01.2018 4 Economic Outlook May.01.2018 5 PA wage growth accelerates.  Statewide annual wage growth ~+4.3%.  Split: +1.0% job gains | +3.3% average wage. Non-motor sales tax recovers.  Base

Hits: 9

IFO_Hearing_8-30-2017.pdf

preliminary, average gain) relative to the same time period last year. That is a solid figure compared to recent years. Wages grew by 3.6 percent, while inflation remains low, running at 1.4 percent for the first half of the August 2016) • Natural Gas Production Report Quarter 2 (August 2016) • Using Performance Measures in the State Budget (September 2016) • AFSCME Wage Contract Analysis (September 2016) • SEIU Wage Contract Analysis (September 2016) • Actuarial Note Transmittal for A10803 to Senate Bill 1071 (October

Hits: 9

2018_Mid-Year_Update.pdf

Real GDP Jun 2017 1.1% 1.8% 1.9% Jan 2018 0.6% 2.0% 2.3% 2.3% Wages-Salaries Jun 2017 2.8% 3.7% 3.8% Jan 2018 1.3% 3.9% 4.3% 4.2% Philadelphia 52.2 54.4 52.5 Jan 2018 52.2 60.4 61.8 60.1 Note: Real GDP and Wage data revised for 2016. Wage growth for 2017 based on withholding trends through December. Source: Historical data from U.S

Hits: 9

Revenue-Estimate-2019-05-Presentation.pdf

FY 2019-20 Independent Fiscal Office May 20, 2019 Main Themes PA economy performs as expected in 2018  GDP, wage and jobs growth close to forecast Other factors drive large revenue gains for FY 2018-19  Taxation of internet June 2018 0.6% 1.8% 2.3% 2.2% May 2019 1.1% 1.7% 2.1% 1.9% Wages-Salaries June 2018 1.3% 3.8% 4.3% 4.2% May 2019 1.3% 4.0% 4.0% 4

Hits: 8

RB-2017-5.pdf

at which a state economy expands or contracts.  Personal Income The sum of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health insurance plans, unemployment compensation and transfer income (e and Alabama) may rank higher than states with a more progressive rate structure. That outcome is due to relatively strong wage growth in those states compared to GDP and personal income, which both contain many items that have no implications for

Hits: 8

PICPA Presentation_ June 11, 2019.pdf

Warburton, Deputy Director, Independent Fiscal Office June 11, 2019 Main Themes PA economy performed as expected in 2018  GDP, wage and jobs growth was close to forecast Other factors driving large revenue gains for FY 18-19  Taxation of June 2018 0.6% 1.8% 2.3% 2.2% May 2019 1.1% 1.7% 2.1% 1.9% Wages-Salaries June 2018 1.3% 3.8% 4.3% 4.2% May 2019 1.3% 4.0% 4.0% 4

Hits: 8

PASBO_Feb_25_2021.pdf

and Industry and ECI is projected by IHS Markit with minor adjustments by the IFO. Assumes no change in minimum wage. revised February 25, 2021 3 Low-Wage and Part-Time Jobs Hit Hardest YOY Number Change (000s) YOY Percent Change Apr Aug Dec Apr Aug Dec Total

Hits: 8

MTR-2017-07.pdf

can be decomposed into net earnings (64% of total), transfer receipts (17%), dividends, interest and rent (19%). Net earnings include wages and salaries (less social insurance tax contributions) and business profits. Transfer receipts include government assistance to individuals such as Social data show that most of Pennsylvania’s contracting sectors (e.g., manufacturing and mining) tend to pay a higher annual wage than many expanding sectors, such as healthcare services. 1 Federal data show that lower-wage workers have realized stronger weekly

Hits: 8

Initial_Estimate_May_2017_Presentation.pdf

9% Philly CPI-U June 2016 1.0% 1.6% n.a. May 2017 0.6% 2.0% 2.0% Wages-Salaries June 2016 3.2% 3.7% n.a. May 2017 2.8% 3.5% 3.8% Job Gains (000s 2016.3 2016.4 2017.1 PA Real GDP 0.2% 0.1% 0.2% n.a. n.a. PA Wages-Salaries 1.8% 2.8% 4.0% 2.8% 3.2% PA Job Gains (000s) 53.4 41.3 52

Hits: 8

IFO-Presentation-11-14-2019.pdf

13% of state budget (excludes PSERS) State economy operates at long-term potential | No recession  Real GDP +1.8% | Wages-Salaries +3.9% | CPI-U +2.0% No future use of one-time shifts, delays or new funding sources November American Community Survey and U.S. Census Bureau, Population Estimates. Economic Outlook U.S. and PA year-over-year 2019 wage growth remains strong  U.S. at +4.1% | PA at +4.5% (prelim)  PA wage growth highest since

Hits: 8

Budget_Hearing_Background_Feb2016.pdf

Estimates (September 2015)  Natural Gas Production Report (October 2015)  Quarterly Revenue Review (October 2015)  Raising the Minimum Wage in Pennsylvania (November 2015)  Shared Risk Pension Analysis (December 2015)  Economic and Budget Outlook: Fiscal Years 2015‐16 1.3% 0.2% ‐2.0% 2.3% 1.3% 0.7% 0.7% 1.5% 1.8% 2.0% Wages and Salaries 5.3% 5.3% 2.7% ‐2.2% 2.1% 3.9% 3.7% 1.8% 4.0%

Hits: 8

2020_Mid_Year_Update.pdf

7% 2.1% 1.9% 1.9% Jan 2020 0.6% 2.6% 2.1% 1.9% 1.9% Total Wages Jun 2019 4.0% 4.1% 4.1% 4.1% Jan 2020 4.0% 4.3% 4.4% 3.9% 54.6 Employment (000s) Jan 2020 58.8 65.6 45.6 45.4 45.7 Note: Real GDP and Wage data revised for 2017 and 2018. Source: Historical data from U.S. Bureau of Economic Analysis and U.S. Bureau

Hits: 8

2013-09 Monthly Economic Summary-FINAL.pdf

assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 8

The Payroll Tax Cut Extension FINAL.pdf

has two parts: (1) the old age, survivors and disability insurance (OASDI) tax equal to 12.4 percent of covered wages and (2) the Medicare hospital insurance (HI) tax equal to 2.9 percent of covered wages. Covered wages are all remuneration for employment paid to employees covered by the Social Security system. The OASDI tax is

Hits: 7

TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdf

10 11 Although the spending incentivized by the MTBI credit is not R&E spending (which is generally wage expenses), it is related because much of the federal R&E tax credit is claimed by firms that supply computer goods and percent of the indirect/induced spend- ing impact (Line 13 less Line 11). The calculation assumes that new wages are not subject to tax forgiveness parameters and that wages comprise 35 percent of the indirect/induced spending impact. 21 Alternatively, this

Hits: 7

Presentation_2016-05-12_PaDUC_Impact_of_Demographics.pdf

2016 +65 Age Cohort Reports Increasing Share of Income. • Nearly 20% of all income reported on federal tax return. • Wage income less important. Reliance on Pensions, Savings and Social Security. • Social Security income meant to be “supplemental.” • What impact from phase‐out of Defined Benefit plans? • Are savings and investments sufficient? Income less Dependent on Economic Growth. 16 Reliance on Wage Income Declines with Age 12.May.2016 Age Cohort 18‐34 35‐54 55‐64 65+ Salaries & Wages 91.5%

Hits: 7

PBB_2020_DCED_REPORT.pdf

Bureau. Unemployment, jobs and business data from U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Regional Awards and Business Statistics 1 All grants and loans associated with this activity awarded by DCED and authorities FY 14-15 of individuals, businesses, industries and local governments to improve access to high-quality jobs that pay above average wages.  Educate and engage businesses to maintain a sustainable, competitive economic environment.  Provide workforce training to eliminate the gap between employer

Hits: 7

Budget_Hearing_Testimony-Feb2014.pdf

of the federal payroll tax cut and the federal budget sequester, should be fully absorbed at this point. However, recent wage growth and consumer spending does not appear to be strong enough to meet our original estimate. For the first half into higher spending levels. We believe that the key to tax revenue growth in 2014 will be the labor market. Wages are highly correlated with overall economic growth, personal income and sales and use tax revenues. An increase in consumer spending

Hits: 7

Revenue_and_Economic_Update_Presentation_2020_10.pdf

29, 2020 1 June 2020 Forecast 2018 2019 2020 2021 Real GDP 2.6% 2.3% -5.6% 5.5% Wages-Salaries Paid 4.3% 4.2% -3.2% 5.0% Net Job Gains (000s) 69 56 -453 310 Philadelphia CPI- 5% 1.5% October 2020 Forecast 2018 2019 2020 2021 Real GDP 1.9% 2.4% -4.6% 3.0% Wages-Salaries Paid 4.3% 4.3% -2.0% 3.7% Net Job Gains (000s) 68 54 -450 100 Philadelphia CPI-

Hits: 6

Presentation_Phil_Chamber_2-12-2015.pdf

strong dollar makes imports cheaper. Why Does This Matter? • Tax revenues include inflation: (1) higher prices (sales) and (2) higher wages (personal income). • Could further bolster consumer confidence if wage growth holds up. 12.Feb.2015 20 Low Inflation for 2015 12.Feb.2015 21 Gas Prices Drive Low Inflation

Hits: 6

Presentation_Lancaster_Chamber_2017-07-14.pdf

make policy recommendations. Primary duties:  Revenue projections: May 1 and June 15.  Analyze fiscal impact of state employee wage contracts.  Coordinate actuarial analyses of pension legislation.  Numerous special studies on revenue or budget matters.  Five-Year Bureau, 2015 American Community Survey, 1-year estimates. Persistent Tax Base Erosion 7/14/2017 16 Personal Income Tax.  Wage income less important. Larger share of income not subject to tax: Social Security, Pensions, IRAs.  Age 65+ reports 21%

Hits: 6

Presentation-2018-06-Philly-Pitt-Chambers.pdf

the tax cut in the first full fiscal year will flow through to individuals as higher dividends, capital gains or wages. Excludes indirect (dynamic) effects of tax cuts, which would manifest in later years. June.04.2018 4 PA Economic Growth Rates 2014 2015 2016 2017 2018 Real GDP 2.0% 2.6% 0.9% 1.9% 2.3% Wages-Salaries 3.9% 4.1% 1.3% 3.3% 4.3% Net Job Gains (000s) 48.0 47.3 50

Hits: 6

Presentation-2018-06-PASBO.pdf

the tax cut in the first full fiscal year will flow through to individuals as higher dividends, capital gains or wages. Excludes indirect (dynamic) effects of tax cuts, which would manifest in later years. June.05.2018 3 PA Economic Growth Rates 2014 2015 2016 2017 2018 Real GDP 2.0% 2.6% 0.9% 1.9% 2.3% Wages-Salaries 3.9% 4.1% 1.3% 3.3% 4.3% Net Job Gains (000s) 48.0 47.3 50

Hits: 6

MTR-2017-06.pdf

1.6% 42.4% Dollar amounts are in millions. SERVICE SECTOR DRIVES JOB GAINS The Quarterly Census of Employment and Wages (QCEW), issued by the U.S. Bureau of Labor Statistics, publishes quarterly data on employment and wages by sector, as reported by employers. In June, state data were released for the fourth quarter of 2016. For calendar

Hits: 6

EPLC-2-19-21.pdf

estimates (how much revenues are available?) ▪ Performance based budgeting | Tax credit reviews ▪ Special Studies: property tax reform, natural gas, minimum wage February 19, 2021 2 Today’s Presentation: Three Parts State demographics, economy and COVID impacts ▪ A contracting labor force ▪ COVID 2025 2026 Real GDP 2.4% -4.3% 3.5% 2.8% 2.4% 2.1% 2.0% 1.9% Wages and Salaries 4.3% -1.2% 4.8% 4.4% 4.3% 4.2% 4.1% 4.0% Philadelphia CPI-

Hits: 6

EPLC Feb 2020 FINAL.pdf

much revenues are available?)  Performance based budgeting | Tax credit reviews  Special Studies: property tax reform, natural gas, minimum wage February 28, 2020 2 Today’s Presentation: Three Parts State demographics and economy  Labor market still robust | consumers drive Change 2017 2018 2019 2020 2021 Real Gross Dom Product 0.6% 2.6% 2.1% 1.9% 1.9% Wages and Salaries 4.0% 4.3% 4.4% 3.9% 4.0% Philadelphia CPI-U 1.3% 1.3% 2

Hits: 6

2013-01 Monthly Economic Report.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- 4 n.a. n.a. n.a. Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 6

Presentation_2017_02_10_EPLC.pdf

Economic Metric Average Annual Growth Rates 2004-10 2010-16 2016-22 Real GDP 0.8% 1.7% 1.9% Wages and Salaries 2.8% 3.3% 3.9% Philadelphia CPI-U 2.5% 1.2% 2.1% Payroll Job Gains in Retirements.  Just starting. Labor force participation rates also climb for 65+.  Impact on economy unclear. Productivity and wages lower? Decline in working age population. Demographic Takeaways 10.Feb.2017 6 PA Snapshot: 2015 to 2025 10.Feb.2017

Hits: 5

Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf

Freight Seminar May 13, 2016 May 13, 2016 2 Economic Outlook • Stable Economic Growth • Low Inflation • Solid Labor Market • Some Wage Weakness Sources: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics 2015 Q2 2015 Q3 2015 Q4 2016 Q1 Real GDP 2.3% 1.9% n.a. n.a. Wages and Salaries 3.7% 2.2% 4.1% 1.8% Consumer Prices 0.1% ‐0.3% ‐0.4% 0.3%

Hits: 5

PICA_Presentation_2020_11.pdf

2020 1 October 2020 Annual Forecast 2018 2019 2020 2021 Real GDP 1.9% 2.4% -4.6% 3.0% Wages-Salaries Paid 4.3% 4.3% -2.0% 3.7% Net Job Gains (000s) 68 54 -450 100 Philadelphia CPI- 9% 1.5% Latest Quarterly Data 2020.1 2020.2 2020.3 2020.4 Real GDP -5.8% -34.0% -- -- Wages-Salaries Paid 3.7% -6.5% -2.6% -1.0% Net Job Gains (000s) 28 -849 -506 -440 Philadelphia CPI-

Hits: 5

PBB-Board Hearing Jan 23 2020.pptx

firms ▪ OBMD – living organ and bone marrow donation Unique features of high-tech sectors ▪ Computer design | internet publishing | engineers | manufacturing ▪ Wages pay far above average | many are export based ▪ Positive synergies, spillovers, clustering and agglomeration effects January 23, 2020 2 Using tax credit increases private R&D spend by $1.00-$1.50 ▪ State RDTC: large firms shift R&D spending (wages) into state ▪ May increase entrepreneurial activity, but takes long time to show up ▪ Significant reduction of CNIT for large firms

Hits: 5

PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdf

December 9, 2020 1 Annual Forecast 2018 2019 2020 2021 Real GDP 1.9% 2.4% -4.5% 3.2% Wages-Salaries Paid 4.3% 4.3% -1.5% 4.2% Net Job Gains (000s) 68 54 -450 120 Philadelphia CPI- 5% Latest Quarterly Data 2020.1 2020.2 2020.3 2020.4 Real GDP -5.8% -34.0% Dec 23 -- Wages-Salaries Paid 3.7% -6.5% -2.6% -0.5% Net Job Gains (000s) 28 -849 -505 -435 Philadelphia CPI-

Hits: 5

Mid_Year_FY16-17_Presentation.pdf

GDP Jun 2016 1.7% 1.9% 2.0% Jan 2017 2.8% 0.7% 1.7% 2.0% Total Wages Jun 2016 3.4% 3.2% 3.7% Jan 2017 4.0% 2.5% 3.3% 3.8% CPI-U 48.6 50.1 50.6 Jan 2017 48.6 43.5 50.0 48.9 Note: Real GDP and Wage data revised from preliminary to final for 2015. Source: Historical data from U.S. Bureau of Economic Analysis and U

Hits: 5

IFO Five-Year Outlook.pdf

and (2) demographic growth.  Assume tax law does not change.  Only two factors change.  Economic growth (GDP, wages, unemployment rates).  Demographics such as number of students, inmate population, the MA population and all residents. The Economic and 2002-11 2012-18 Real GSP 2.2% 1.0% 1.9% Personal Income 4.6% 3.7% 4.0% Wages and Salaries 4.8% 3.0% 3.6% CPI-U 2.5% 2.8% 1.7% Payroll Employment 1.1%

Hits: 5

2013-06 Monthly Economic Summary - FINAL.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 5

2012-09 Monthly Economic Summary 7.pdf

U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth 3.5% -2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. In- cludes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 5

WC-2019-UFCW.pdf

of Collective Bargaining Agreement United Food & Commercial Workers (UFCW) millions of dollars 1/ Annual savings from the replacement of high-wage senior workers with less experienced lower wage workers (2.69 percent multiplied by the prior year wage base). These savings would have been realized regardless of the

Hits: 4

WC-2019-SEIU.pdf

date. Analysis of Collective Bargaining Agreement SEIU Local 668 millions of dollars 1/ Annual savings from the replacement of high-wage senior workers with less experienced lower wage workers (2.20 percent multiplied by the prior year wage base). These savings would have been realized regardless of the

Hits: 4

WC-2019-AFSCME.pdf

date. Analysis of Collective Bargaining Agreement AFSCME Council 13 millions of dollars 1/ Annual savings from the replacement of high-wage senior workers with less experienced lower wage workers (1.75 percent multiplied by the prior year wage base). These savings would have been realized regardless of the

Hits: 4

Revenue Conference Presentation Jan 2013 FINAL.pdf

May 2012 67.2 57.5 84.1 84.4 Jan 2013 67.2 36.1 68.8 78.3 Wages‐Salaries May 2012 4.2% 4.6% 4.0% 4.2% Jan 2013 4.0% 3.0% 3.3% 4 vs. Spending 23.Jan.2013 2013 Revenue Conference 7 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PA Wages‐Salaries 3.4% 2.7% 2.6% 3.1% 2.3% 3.1% 3.7% 4.0% PIT Withholding 4

Hits: 4

REU-2019-10.pdf

and fees ($7.7 million). Monthly licenses and fees collections were over estimate as a result of an unexpected sports wagering application fee of $10 million. FYTD non-tax revenues are surpassing estimate by $54.3 million (78..2 percent), predominantly 0 Personal Income 8 4.9% 4.6% 4.9% 4.7% 5.7% 5.0% 5.3% n.a. Wages and Salaries 9 4.0% 5.0% 5.4% 5.2% 3.2% 4.5% 5.0% n.a. CPI-

Hits: 4

RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdf

marginal tax rates. Computation of Total Income Taxpayers report various types of income on the federal income tax return including wages and salaries, interest, dividends, rent, royalties, pensions, IRAs, taxable Social Security, professional business income (independent contractors, self-employed and sole  The data confirm that the three income groups report different compositions of Total Income. For the low income group, wages comprise roughly three-quarters (76.1 percent) of Total Income while partnership and S corporation income and capital gains comprise

Hits: 4

Presentation_2016-06-08_GPNP_Budget_Outlook.pdf

million.  The next revenue update will be on June 15 th . • More recent data on corporate profits suggest weakness. • Wage/salary withholding collections have underperformed. • Sales tax collections have been strong in recent months. • The jobs forecast is important to Jun.2016 9 2013 2014 2015 2016 2017 Real GDP 0.7% 1.5% 2.0% 2.0% 2.2% Wages and Salaries 1.8% 4.0% 3.4% 3.7% 4.2% Consumer Prices 1.2% 1.3% ‐0.1%

Hits: 4

Presentation-2018-10-Performance-Based-Budget-Board.pdf

plan templates collect data for fiscal years 2013-14 through 2018-19:  Actual expenditures  Filled complement (salary and wage)  Total population served and/or service levels achieved  Performance measures 5 October 15, 2018 Initial List of Agency is recorded.  Filled complement data provided by activity for each fiscal year and are broken down by salary, permanent wage, and temporary wage. Traditional Agency Budget Request  Total funding associated with the actual years reflects enacted appropriation amounts adjusted

Hits: 4

Newsstand_2018_June.pdf

for the fourth quarter of 2017. These administrative data provide the final benchmark upon which all published state employment and wage income trends will be based. The data show a clear strengthening of the Pennsylvania labor market through 2017 in terms as follows: Q1=56,400, Q2=60,150, Q3=61,760 and Q4=65,380. For the full year, total wages paid increased by 4.0% while the average wage paid increased by 2.9%. PA Consumer Debt Increases Moderately in

Hits: 4

MTR-2016-03.pdf

Income data for 2015 Q4. 1 Personal Income is a broad measure that includes all types of income such as wages, business profits, Social Security, pensions, dividends, rent, interest and various disability and income security benefits. 2 For 2015, Pennsylvania Personal 4% for the U.S. The main component of Personal Income is gross earnings by place of work, which includes wages-salaries, employer contributions to health insurance and pension plans, employer contributions to government social insurance (i.e., Social Security and

Hits: 4

MQRE-FY20-21-Aug.pdf

is projected to reduce FY 2020-21 cigarette tax revenues by $115.3 million. Licenses and Fees Sports Wagering Fees The act provides that a Category 1, 2 or 3 slot machine license holder that also holds a sports wagering certificate may conduct sports wagering at an affiliated Category 4 facility without paying an additional fee. Prior Law The fee to obtain

Hits: 4

Monthly_Economic_Update_September_2020.pdf

Compared to the prior year, data show that U.S. personal income grew by 10.4% in the second quarter. Wages and salaries declined by 4.6% but was more than offset by an increase in transfer payments (83.6%). The 1% 2.1% -5.6% n.a. Personal Income 8 5.1% 4.0% 4.0% 2.9% n.a. Wages and Salaries 9 4.6% 3.4% 4.6% 1.8% n.a. FHFA House Price Index 10 5.0%

Hits: 4

Monthly_Economic_Update_October_2020.pdf

to the prior year. Transfer receipts increased by 83.8% driven by an increase in state and federal unemployment compensation. Wages and salaries declined in the second quarter for Pennsylvania and the United States -5.7% and -4.6% (year-over- 5% 1.4% -5.8% -34.0% Personal Income 8 4.1% 2.8% 2.8% 2.6% 12.0% Wages and Salaries 9 4.7% 3.2% 4.3% 2.4% -5.7% FHFA House Price Index 10 5.0%

Hits: 4

Monthly_Economic_Update_June_2020.pdf

benefits, with the unemployment insurance category growing 1,574%. The large increase in government support temporarily offset the decline in wages and salaries (-8.5%) for the month. Personal consumption fell 16.9% in April as states continued to implement stay- 7% 2.1% 2.1% n.a. Personal Income 8 5.0% 5.2% 4.0% 3.8% n.a. Wages and Salaries 9 4.6% 4.7% 3.5% 4.3% 3.7% FHFA House Price Index 10 5.6%

Hits: 4

Monthly_Economic_Update_August_2020.pdf

in the U.S. personal income data for 2020 Q2 published by the U.S. Bureau of Economic Analysis. Despite wages and salaries falling by 7.1% from 2020 Q1, personal income grew 7.3% in 2020 Q2 due to an 1% 2.1% -5.6% n.a. Personal Income 8 5.1% 4.0% 4.0% 2.9% n.a. Wages and Salaries 9 4.6% 3.4% 4.6% 1.8% n.a. FHFA House Price Index 10 5.0%

Hits: 4

Monthly_Economic_Update_April_2020.pdf

fell 34.3% over the prior year in Pennsylvania, and 23.8% nationally. Business applications with an intent to pay wages fell by 46.2% over the prior year in Pennsylvania and 30.1% nationally. The year- over-year contraction in 7% 2.1% 2.1% n.a. Personal Income 8 5.0% 5.2% 4.0% 3.8% n.a. Wages and Salaries 9 4.6% 4.7% 3.5% 4.3% 3.7% FHFA House Price Index 10 5.6%

Hits: 4

MER-2014-11.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Completed Home Sales The year‐over‐

Hits: 4

MER-2013-11.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 4

IFO_Revenue_Estimate_2013-14_Mid-Year_Update.pdf

IFO estimate. Revenues have been characterized by weak nonmotor vehicle sales tax receipts and lackluster personal income tax remittances from wage and salary withholding. The table below displays first half growth rates for the General Fund and its three largest revenue half growth of 5.5 percent appears unlikely even with improved auto sales.  Personal income tax (PIT) withholding from wages and salaries increased by 2.2 percent in the first half, well below the 3.6 percent projected for the

Hits: 4

HAC testimony Feb 2019.pdf

21% rate (tax year 2018). If correct, much of these gains are temporary.  More licenses issued for both sports wagering and iGaming. These gains are temporary.  A significant decline in the stock market for 2018 Q4 reduced personal income rate at 4.2% (December 2018), strong net jobs growth (roughly 73,000 net new payroll jobs in 2018) and wages increasing at a solid pace (4.3% for 2018 Q4). Moreover, median existing home values increased by 4.3% in

Hits: 4

Five_Year_Outlook_2020_Presentation_Final.pdf

2025 2026 Real GDP 2.4% -4.1% 3.5% 2.8% 2.4% 2.1% 2.0% 1.9% Wages and Salaries 4.3% -1.2% 4.8% 4.4% 4.3% 4.2% 4.1% 4.0% Philadelphia CPI- Real GDP 2.4% -5.8% -34.0% 35.5% -- Personal Income 3.6% 2.5% 13.1% 9.6% -- Wages and Salaries 4.3% 3.3% -6.6% -2.6% 0.6% Unemployment Rate (level) 4.4% 5.4% 14

Hits: 4

Five_Year_Outlook_2017_Presentation.pdf

domestic migration out of state (but data very preliminary). Retirement surge has important implications.  “Churning” reduces growth of total wages paid.  Possible contraction of labor force. But participation rates increase. No signs of “brain drain” or strong elderly inflow Outlook PA economy shows solid growth through 2017 Q3.  Pace of annual jobs creation is +65,000 jobs.  Wages growing by ~+3.8%. Inflation is modest (~+1.4%). Other economic fundamentals are sound.  Consumers still cautious about debt

Hits: 4

Economic_and_Revenue_Update_Presentation_August_2020.pdf

Economic and Revenue Update Matthew Knittel Independent Fiscal Office August 19, 2020 Four Things to Note Wage and Salary data are stronger than expected  Despite large job losses, only a moderate decline in total wages paid  Housing market fares decently | but renters struggle Steady employment gains since April low | can it continue?  45%

Hits: 4

2021-SD-Property-Tax-Forecast.pdf

s aid ratio. 4 The base index is calculated by averaging the percentage increase in the Pennsylvania statewide average weekly wage (SAWW) and the employment cost index (ECI) for elementary/secondary schools. 5 School districts with an aid ratio less than December 2019. The significant increase in the SAWW for FY 2022-23 is largely driven by job losses for low-wage workers in CY 2020 due to the COVID-19 pandemic and related mitigation efforts. That trend reverses itself by the

Hits: 4

Testimony-02-2020.pdf

3% 2.0% 1.8% Payroll Jobs (000s) 46.2 48.8 58.8 65.6 45.6 45.4 Wages and Salaries 4.1% 1.3% 4.0% 4.3% 4.4% 3.9% UE Rate (level) 5.3% 5 0% 2.3% 2.2% Payroll Jobs (000s) 64.1 60.4 50.8 49.4 37.3 41.1 Wages and Salaries 4.3% 3.2% 4.6% 4.6% 4.3% 4.2% UE Rate (level) 4.2% 4

Hits: 3

SD-Property-Tax-Forecast-2020.pdf

s aid ratio. 3 The base index is calculated by averaging the percentage increase in the Pennsylvania statewide average weekly wage (SAWW) and the employment cost index (ECI) for elementary/secondary schools. 4 School districts with an aid ratio less than December 2018. The significant increase in the SAWW for FY 2021-22 occurs because calendar year 2016, which exhibited weak wage growth, becomes part of the three-year period in the baseline for computing the growth rate. For the ECI, there

Hits: 3

SD-Property-Tax-Forecast-2019.pdf

s aid ratio. 3 The base index is calculated by averaging the percentage increase in the Pennsylvania statewide average weekly wage (SAWW) and the employment cost index (ECI) for elementary/secondary schools. 4 School districts with an aid ratio less than December 2017. The significant increase in the SAWW for FY 2021-22 occurs because calendar year 2016, which exhibited weak wage growth, becomes part of the three-year period in the baseline for computing the growth rate. For the ECI, there

Hits: 3

REU-2019-12.pdf

3 Personal Income 8 4.9% 4.6% 4.7% 4.4% 5.7% 5.0% 5.1% 4.4% Wages and Salaries 9 4.0% 5.0% 4.8% 4.6% 3.2% 4.6% 4.6% 4.3% CPI- in Pennsylvania personal income fell to 4.4 percent for 2019.3, the slowest growth since 2017.4. Growth in wages and salaries also declined to 4.3 percent, a difference of 0.3 percent compared to growth for 2019.2

Hits: 3

REU-2019-11.pdf

3 Personal Income 8 4.9% 4.6% 4.7% 4.4% 5.7% 5.0% 5.3% n.a. Wages and Salaries 9 4.0% 5.0% 4.8% 4.6% 3.2% 4.5% 5.0% n.a. CPI- 5.0% INDEPENDENT FISCAL OFFICE NOVEMBER 2019 Economic Trends  The Pennsylvania unemployment rate ticked upward again in October, but wage growth remains strong.  After posting declines in June, July and August, Pennsylvania monthly net job gains (annualized) have held

Hits: 3

RB-2018-01.pdf

s aid ratio. 4 The base index is calculated by averaging the percentage increase in the Pennsylvania statewide average weekly wage (SAWW) and the employment cost index (ECI) for elementary/secondary schools. 5 School districts with an aid ratio less than December 2017. The significant increase in the SAWW for FY 2021-22 occurs because calendar year 2016, which exhibited weak wage growth, becomes part of the three-year period in the baseline for computing the growth rate. For the ECI, there

Hits: 3

Presentation_PICPA_12-3-2014.pdf

only. • Really, a budget simulation exercise. Some Positives and Negatives. • Energy prices very low. Inflation and interest rates low. • Flat wage growth. Many wage earners essentially treading water. • Housing recovery less robust than assumed. 3.Dec.2014 The Economic Outlook 12 3.Dec.2014

Hits: 3

Presentation_PBC_6-12-14_data.xlsx

PA Employment by Industry Annual Wages and Employment for Pennsylvania, 1993-2013 Average Annual Growth Rate Wage Distributions ($ millions) 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Hits: 3

Presentation_PBC_6-12-14.pdf

o Are savings and investments sufficient? Income less Dependent on Economic Growth 12.June.2014 15 Trend: Less Reliance on Wage Income 12.June.2014 16 2007 2011 18-34 35-54 55-64 65+ 18-34 35-54 55-64 65+ Wages 91.1 74.7 53.2 13.4 90.9 80.2 60.8 17.7 Interest & Divs. 1.4

Hits: 3

Presentation-2019-3-1-EPLC.pdf

Healthcare inflation does not accelerate from current rates. State economy operates at long-term potential.  Real GDP +1.9% | Wages-Salaries +3.9% | CPI-U +2.1%.  No recession or economic slow down. A “best case” scenario. March 1 2016 2017 2018 2019 2020 2021 Real GDP 0.9% 1.8% 2.3% 2.1% 2.0% 1.9% Wages and Salaries 1.3% 4.0% 4.1% 4.0% 3.9% 3.9% Philadelphia CPI-U 0.6% 1

Hits: 3

MTR-2019-09.pdf

4 Personal Income 8 5.9% 4.9% 4.6% 4.9% 6.3% 5.7% 5.0% 5.3% Wages and Salaries 9 5.2% 4.0% 5.0% 5.4% 4.3% 3.2% 4.5% 5.0% CPI- trend is largely due to housing (3.2%) and medi- cal care (4.1%) inflation.  Recent data show strong wage growth for the U.S. (5.4%) and Pennsylvania (5.0%) in the second quarter. Sources and notes: 1. Source

Hits: 3

MTR-2019-04.pdf

estimate for the month. The overage in licenses and fees was driven by more license applicants than anticipated for sports wagering and an expected transfer to the Insurance Regulation and Oversight Fund (IROF) that did not occur. FYTD non-tax collections a. Personal Income 8 4.5% 4.5% 4.6% 4.1% 3.6% 3.7% 4.4% n.a. Wages and Salaries 9 4.5% 4.4% 4.6% 4.2% 4.0% 3.5% 4.2% n.a. CPI-

Hits: 3

MTR-2018-12.pdf

From July to December, the Commonwealth has received $137 million in one-time fees related to online gaming and sports wagering. G – š‰” F –Œ S–‰˜› —œ General Fund Tax Revenue Non-Tax Revenue Dec-18 $2,905 $2,811 $94 a. Personal Income 8 4.6% 4.3% 4.5% 4.4% 3.7% 3.7% 3.6% 3.5% Wages and Salaries 9 4.6% 4.6% 4.5% 4.2% 3.8% 4.1% 4.0% 3.3% CPI-

Hits: 3

Monthly_Economic_Update_Table_December_2020.pdf

4% -5.8% -34.0% n.a. Personal Income 8 2.8% 2.8% 2.6% 12.0% n.a. Wages and Salaries 9 3.2% 4.3% 2.4% -5.7% n.a. FHFA House Price Index 10 5.0% 4% -5.0% -31.4% 33.1% Personal Income 8 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 9 3.9% 4.5% 3.2% -3.9% 1.0% Corporate Profits 13 -1.9% 1.2%

Hits: 3

Monthly_Economic_Update_November_2020_Final.pdf

4% -5.8% -34.0% n.a. Personal Income 8 2.8% 2.8% 2.6% 12.0% n.a. Wages and Salaries 9 3.2% 4.3% 2.4% -5.7% n.a. FHFA House Price Index 10 5.0% 4% -5.0% -31.4% 33.1% Personal Income 8 3.5% 3.5% 3.2% 10.4% 6.8% Wages and Salaries 9 3.9% 4.5% 3.2% -4.6% -0.3% Corporate Profits 13 -1.9% 1.2%

Hits: 3

Monthly_Economic_Update_May_2020.pdf

7% 2.1% 2.1% n.a. Personal Income 8 5.0% 5.2% 4.0% 3.8% n.a. Wages and Salaries 9 4.6% 4.7% 3.5% 4.3% 3.7% FHFA House Price Index 10 5.6% 0% 2.1% 2.1% -4.8% Personal Income 8 4.6% 4.7% 4.2% 4.1% 3.1% Wages and Salaries 9 5.0% 4.8% 4.1% 4.5% 2.0% Corporate Profits 13 -2.4% -1.1%

Hits: 3

Monthly_Economic_Update_July_2020.pdf

7% 2.1% 2.1% -5.6% Personal Income 8 5.0% 5.1% 4.0% 4.0% 2.9% Wages and Salaries 9 4.5% 4.6% 3.4% 4.6% 1.8% FHFA House Price Index 10 5.6% 0% 2.1% 2.1% -5.0% Personal Income 8 4.6% 4.7% 4.2% 4.2% 3.2% Wages and Salaries 9 5.0% 4.8% 4.1% 4.8% 2.3% Corporate Profits 13 -2.4% -1.1%

Hits: 3

Monthly_Economic_Update_January_2021_Indicators.pdf

4% -5.8% -34.0% 35.5% Personal Income 9 2.8% 2.8% 2.5% 13.1% 9.6% Wages and Salaries 10 3.2% 4.3% 2.2% -6.2% -0.7% FHFA House Price Index 11 5.0% 4% -5.0% -31.4% 33.4% Personal Income 9 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 10 3.9% 4.5% 3.2% -3.9% 1.1% Corporate Profits 14 -1.9% 1.2%

Hits: 3

Monthly_Economic_Update_January_2021.pdf

4% -5.8% -34.0% 35.5% Personal Income 9 2.8% 2.8% 2.5% 13.1% 9.6% Wages and Salaries 10 3.2% 4.3% 2.2% -6.2% -0.7% FHFA House Price Index 11 5.0% 4% -5.0% -31.4% 33.4% Personal Income 9 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 10 3.9% 4.5% 3.2% -3.9% 1.1% Corporate Profits 14 -1.9% 1.2%

Hits: 3

Monthly_Economic_Update_February_2021_Indicators.pdf

8% -34.0% 35.5% n.a. Personal Income 9 2.8% 2.5% 13.1% 9.6% n.a. Wages and Salaries 10 4.3% 2.2% -6.2% -0.7% n.a. FHFA House Price Index 11 5.2% 0% -31.4% 33.4% 4.0% Personal Income 9 3.5% 3.2% 10.7% 7.1% 4.3% Wages and Salaries 10 4.5% 3.2% -3.9% 1.1% 2.2% Corporate Profits 14 1.2% -8.0%

Hits: 3

Monthly_Economic_Update_February_2021.pdf

8% -34.0% 35.5% n.a. Personal Income 9 2.8% 2.5% 13.1% 9.6% n.a. Wages and Salaries 10 4.3% 2.2% -6.2% -0.7% n.a. FHFA House Price Index 11 5.2% 0% -31.4% 33.4% 4.0% Personal Income 9 3.5% 3.2% 10.7% 7.1% 4.3% Wages and Salaries 10 4.5% 3.2% -3.9% 1.1% 2.2% Corporate Profits 14 1.2% -8.0%

Hits: 3

Monthly_Economic_Update_December_2020.pdf

4% -5.8% -34.0% n.a. Personal Income 8 2.8% 2.8% 2.6% 12.0% n.a. Wages and Salaries 9 3.2% 4.3% 2.4% -5.7% n.a. FHFA House Price Index 10 5.0% 4% -5.0% -31.4% 33.1% Personal Income 8 3.5% 3.5% 3.2% 10.7% 7.1% Wages and Salaries 9 3.9% 4.5% 3.2% -3.9% 1.0% Corporate Profits 13 -1.9% 1.2%

Hits: 3

MER-2015-01.pdf

U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth days delinquent. 5 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Industrial Electricity Sales The year-over-year

Hits: 3

IFO_Testimony_Feb2018.pdf

U reading running low (0.8% in December), jobs growth strong (roughly 60,000 net new jobs last year) and wages increasing at a solid pace (4.2% in latest quarter). Moreover, median existing home values increased by 4.4% last the short term, the IFO projects a modest economic boost due to the act. We project higher real GDP and wage growth, and strong growth for dividends and capital gains due to the significant reduction in the federal corporate income tax

Hits: 3

IFO_Retirement_Task_Force_Jan2018_Presentation.pdf

of Income Jan.25.2018 Independent Fiscal Office 9 Share of Income for Age 65+ Income Source 2006 2015 AAGR Wages-Salaries 14.5% 18.0% 8.4% Business-Rent-Royalty 10.2% 11.3% 7.0% Interest and Dividends 16 Are Working Jan.25.2018 Independent Fiscal Office 10 Average Annual Growth Rate: 2006 to 2014 Number of Workers Total Wages Average Wage All Workers 0.6% 2.6% 1.9% Under Age 50 -0.2% 1.3% 1.5% Age

Hits: 3

Econ Summit Presentation Feb 28 2017.pdf

2.8% 0.7% Net Job Gains (000s) 64.7 39.9 14.7 47.6 48.6 43.5 Wages and Salaries 3.9% 3.7% 1.8% 3.9% 4.0% 2.5% Source: Data from the U.S 2.8% 0.7% Net Job Gains (000s) 64.7 39.9 14.7 47.6 48.6 43.5 Wages and Salaries 3.9% 3.7% 1.8% 3.9% 4.0% 2.5% Philadelphia CPI-U 2.7% 1

Hits: 3

Budget_Hearing_Background-Feb2014.pdf

4.6% in 2015, following a decline in 2013 due to the expiration of the payroll tax cut and modest wage growth. Non-Motor Sales Tax Collections – Three-Month Average Growth Rate Beginning in June 2011, collections are adjusted for mandated since early 2012. For the fiscal year through January, revenues grew by 2.0%. • The current IFO forecast projects modest wage growth in the 3% to 4% range through the middle of 2015. PIT – Withholding Year Over Year Growth Rates Quarterly

Hits: 3

2013-03b Monthly Economic Summary.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- 4 4.5% 2.3% 5.6% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 3

2013 Appropriation Hearings Background Information.pdf

2013. Other Changes: • Expiration of the 2.0% payroll tax cut. • ACA: Increase Medicare tax rate by 0.9% on wage income > $250,000. • ACA: 3.8% tax on certain “investment income” if AGI > $250,000. Impact on Pennsylvania Disposable Income 2012 as the quarterly growth rate dipped below 3%. • The current PA forecast by IHS Global Insight projects improvement in wages in early 2013. PIT – Withholding Quarterly Growth Rates Quarterly revenues are aligned to allow for comparability based on payment due

Hits: 3

2006_surviving_spouse_healthcare_study.pdf

trial court was correct in its determination that providing new benefits to former retirees is unlawful, . . . . Township of Wilkins v. Wage & Policy Committee of the Wilkins Township Police Department, 696 A.2d 917 (Pa. Cmwlth.1997). Under this analysis, the extension sors in years to come. The first is healthcare inflation, which has and likely will remain well in excess of wage inflation for the foreseeable future. The second is the pending wave of baby boomer retirements. Considering these two items in

Hits: 3

State_Tax_Comparison_2020_11.pdf

compared to state personal income. State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security based on the ratio of the personal income tax (PIT) to personal income. 5 States levy PIT on wages, business income, capital income (e.g., interest, dividends and capital gains), pensions, IRA withdrawals and transfer income (e.g., Social Security, unemployment

Hits: 2

State-Tax-Comparison-2020-01.pdf

compared to state personal income. State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g., Social Security on the ratio of the personal income tax (PIT) to personal income. 5 States may levy PIT on wages, business income, capital income (e.g., interest, dividends and capital gains), pensions, IRA withdrawals and transfer income (e.g., Social Security, unemployment

Hits: 2

State and Local Tax Burden Study.pdf

the fifty states using a common benchmark. Personal income represents the total income of state residents. It includes wages, business income, interest, dividends, rents, royalties, contributions to pension and health plans, unemployment compensation, veterans’ benefits and transfer income (e.g., social income for the personal income tax (PIT) and the corporate income tax (CIT). 7 States levy PIT on wages, business income, capital income (e.g., interest, dividends and capital gains), pensions, IRA withdrawals and certain transfer income (e.g., social security

Hits: 2

SR2017-03.pdf

taxes are compared to state personal income. State personal income is the summation of all sources of income such as wages, business income, interest, dividends, rents, royalties, employer contributions to pension and health plans, unemployment compensation and transfer income (e.g states based on the ratio of the personal income tax (PIT) to personal income. 3 States may levy PIT on wages, business income, capital income (e.g., interest, dividends and capital gains), pensions, IRA withdrawals and transfer income (e.g., Social

Hits: 2

Revenue_Estimate_2016-06-15_Snapshot.pdf

in 2016 and 2017. Personal Income Tax – Withholding revenues are projected to grow by 2.9 percent, based on restrained wage growth and a technical factor that results in one fewer withholding due date compared to the prior fiscal year. Non- withholding revenues are projected to outpace wage growth. Non-Tax Revenues – Receipts are projected to decline due to (1) the absence of the non- recurring transfers received

Hits: 2

Revenue_Estimate_2016-06-15_Release.pdf

the one issued by the IFO in May. “The downward adjustment in the base estimate reflects the recent underperformance of wage and salary withholding payments,” Knittel noted. “Wages are the largest component of the state economy, and the recent weakness in collections motivated a revision to the economic

Hits: 2

REU-2020-02.pdf

0 Personal Income 8 4.6% 4.7% 4.2% 4.1% 5.0% 5.1% 4.4% n.a. Wages and Salaries 9 5.0% 4.8% 4.1% 4.5% 4.6% 4.6% 4.3% n.a. CPI- year growth rate of personal income. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. Source: Federal Housing Finance Agency

Hits: 2

REU-2020-01.pdf

0 Personal Income 8 4.6% 4.7% 4.4% 4.3% 5.0% 5.1% 4.4% n.a. Wages and Salaries 9 5.0% 4.8% 4.6% 5.2% 4.6% 4.6% 4.3% n.a. CPI- year growth rate of personal income. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. Source: Federal Housing Finance Agency

Hits: 2

Response_Letter_9_23_2019.pdf

other types of income that would pay the higher 4.92 percent (instead of 3.07 percent) rate, such as wages, interest or capital gains. For senior renters, it is less clear how they would fare because (1) senior renters generally filer or head of household aged 65 or older. N.A. represents states that have no personal income tax on wages. Where applicable, lower deduction limit reflects amount for residents under age 65. Source: National Conference of State Legislatures and Bloomberg

Hits: 2

RB-2020-03 County Income Patterns.pdf

Page 2 Personal Income Growth From 2016 to 2018, all Pennsylvania counties recorded personal income gains. Personal income includes all wages and salaries, interest, dividends, business income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income Montgomery (3.4 percent) and Montour (3.9 percent). Personal income can be decomposed into three categories: (1) resident earnings (wages, salaries and proprietor income), (2) dividends, interest and rent and (3) transfer receipts (e.g., Social Security, Medicare, Medicaid, various

Hits: 2

RB 2019 County Income Patterns.pdf

2 Personal Income Growth From 2015 to 2017, nearly all Pennsylvania counties recorded personal income gains. Personal income includes all wages and salaries, interest, dividends, business income, rents, royalties, transfer receipts (e.g., SNAP and veteran’s benefits) and retirement income Crawford (1.2 percent) and Cumberland (1.3 percent). Personal income can be decomposed into three categories: (1) resident earnings (wages, salaries and business income), (2) dividends, interest and rent and (3) transfer receipts and retirement income. For the state, per

Hits: 2

PSBA Presentation - Final.pdf

Distributions to school districts increase by lesser of annual growth in (1) sales tax revenues or (2) statewide average weekly wage (SAWW) (~+2.5% to 4.0%). Some important considerations:  How will “baseline” school district property taxes grow?  How prior year.  Cost-of-living increase is the lesser of the percentage increase in the (1) statewide average weekly wage or (2) sales tax. 1/19/2017 14 Thank you Presentation to be posted at IFO website. www.ifo.state

Hits: 2

Press_Release_2018_Economic_and_Budget_Outlook.pdf

age population restrains the growth of Pre-K-12 expenditures and (3) the aging of the Commonwealth’s workforce (high wage employees retire and are replaced with less experienced, lower wage staff).  This report does not assume that a recession occurs over the five-year budget window. Therefore, the economic

Hits: 2

Presentation_PICPA_9-24-2013.pdf

Outlook. 24 . Sept . 2013 2 Today’s Presentation PA Economic Outlook Weakens annual growth rate or levels 2012 2013 2014 Wages and Salaries Dec 2012 Forecast 3.4% 3.2% 4.0% May 2013 Forecast 3.0% 2.8% 4.1% comprises nearly one-third General Fund revenues. Growth in withholding will reflect two factors: oIncrease in number of jobs. oAny wage and salary growth due to raises or inflationary adjustments. oGains very modest. oConsistent with weak hiring. 24 . Sept . 2013 14

Hits: 2

Presentation_PA_Bus_Council_6-22-15.pdf

8% 1.9% 2.0% Philadelphia CPI-U 2.7% 1.8% 1.2% 1.3% 0.5% 1.9% Wages-Salaries 3.9% 3.8% 1.9% 3.5% 3.8% 3.9% Avg. Job Gains (000s) 64.8 40 Tax Relief -280 -4,152 -4,435 -4,580 -4,624 Dollar amounts are in millions. 1 Includes cigarette, sales, wage and property tax relief. 2 Provides up to a $500 rent rebate for qualified households with income below $50,000

Hits: 2

Presentation-2019-04-House-Financial-Rescue-Caucus.pdf

2018.4 2019.1 Real GDP 4.5% 0.1% 0.6% 3.6% 2.8% n.a. n.a. Wages and Salaries 4.3% 3.8% 4.1% 4.0% 3.5% 4.2% n.a. Avg Annualized Job Gains 2018.4 2019.1 Real GDP 2.8% 2.3% 2.2% 4.2% 3.4% 2.2% n.a. Wages and Salaries 4.9% 4.6% 4.6% 4.5% 4.4% 4.6% n.a. Avg Monthly Job Gains

Hits: 2

Presentation-2018-11-19-CCAP.pdf

years Sales - Non-Motor +$67 very strong growth +8.7% Sales - Motor Vehicle +$30 strong growth Personal Income -$8 statewide wage growth is ~4% Gaming Expansion +$1 see slide detail Escheats -$55 much lower remittances All Other +$54 realty transfer, inheritance 97 $8 $9 $9 Category 4 Casinos 127 5 12 8 9 Loan Repayment 17 20 0 0 0 Sports Wagering 0 55 28 29 30 All Other 2 6 3 3 4 Total Revenue 145 182 51 49 51 iLottery

Hits: 2

Presentation-2018-10-House-Financial-Rescue-Caucus.pdf

42018.12018.22018.3 Real GDP (QA) -0.5%3.2% 4.5% 2.5% 2.0% n.a. n.a. Wages and Salaries (YOY) 3.7% 4.1% 4.3% 3.8% 4.1% 4.4% n.a. Avg Annual Job 12018.22018.3 Real GDP (QA) 1.8% 3.0% 2.8% 2.3% 2.2% 4.2% n.a. Wages and Salaries (YOY) 4.3% 4.6% 4.9% 4.6% 4.6% 4.9% n.a. Avg Monthly Job

Hits: 2

Pitt_Chamber_Presentation.pdf

growth rates or change 2015 2016 2017 2018 Real Gross Domestic Product 2.3% 0.6% 2.0% 2.3% Wages and Salaries 4.1% 1.3% 3.9% 4.3% Philadelphia CPI-U -0.1% 0.6% 1.3% 2 in FY 2018-19 Personal income tax  Higher dividends and capital gains, impact should be immediate  Smaller impact: wages also increase directly and indirectly Miscellaneous issues  Static vs. dynamic revenue impact  Most non-financial business activity in

Hits: 2

PBB_2020_DOS_REPORT.pdf

Affairs Activity are excluded because these individuals do not receive a salary.Within the SAC Activity, per diem wage employees paid an hourly rate to oversee sanctioned SAC events are also excluded. Department of State Overview | Page 5 Performance-Based Budget Note: Expenditures in dollar millions. Actual expenditures are listed in the year the expenditure was recorded. Per diem wage employees paid an hourly rate to oversee sanctioned SAC events (on a temporary, part-time basis) are excluded from the average weekly

Hits: 2

Newsstand_2019_March.pdf

en- ergy, the CPI-U increase was 1.9%. - March 2019- National News Tight Labor Market Begins to Translate to Wage Gains On March 8, the U.S. Department of Labor released average hourly earnings for U.S. production and non- supervisory employees (by industry) for February 2019. The latest data show that the average hourly wage was $23.18, a 3.5% increase over the prior year. That increase is the strongest year-over-year increase

Hits: 2

Newsstand_2018_May.pdf

as a whole and home sales increased for the sixth consecutive year. These factors produced stronger-than-anticipated revenues for wage, sales, business, property, and real estate transfer taxes. The report also discusses recent social and demographic trends for the city insights regarding those unexpected shortfalls. Compared to the prior year, the federal tax data show broad declines across all non-wage income including capital gains (-11.7%), divi- dends (-4.7%), taxable interest (-2.6%), rent/royalties (-3.4%), sole proprietors

Hits: 2

NAP-2018-03.pdf

businesses in other industries (indirect spending). The additional direct and indirect spending increases earnings, as new jobs are created, existing wages are increased and enhanced profits flow through to business owners. The economic activity generated by the higher earnings creates yet are relatively high due to (1) the moderate salaries characteristic of jobs in these industries (i.e., any increase in wages is primarily spent not saved), and (2) most of the spending remains in-state by nature of the work (e

Hits: 2

MTR-2019-08.pdf

4 Personal Income 8 5.9% 4.9% 4.6% 4.9% 3.7% 3.9% 3.6% n.a. Wages and Salaries 9 5.2% 4.0% 5.0% 5.4% 3.5% 3.1% 3.0% n.a. CPI- year growth rate of personal income. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. Source: Federal Housing Finance Agency

Hits: 2

MTR-2019-07.pdf

7 Personal Income 8 5.9% 4.9% 4.6% 4.9% 3.7% 3.9% 3.6% n.a. Wages and Salaries 9 5.2% 4.0% 4.9% 5.4% 3.5% 3.1% 3.0% n.a. CPI- year growth rate of personal income. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. Source: Federal Housing Finance Agency

Hits: 2

MTR-2019-06.pdf

a. Personal Income 8 4.5% 4.5% 4.3% 3.8% 3.6% 3.7% 3.9% 3.6% Wages and Salaries 9 4.5% 4.4% 3.9% 3.4% 4.0% 3.5% 3.1% 3.0% CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2019-05.pdf

a. Personal Income 8 4.5% 4.5% 4.3% 3.8% 3.6% 3.7% 4.4% n.a. Wages and Salaries 9 4.5% 4.4% 4.6% 3.5% 4.0% 3.5% 4.2% n.a. CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2019-03.pdf

a. Personal Income 8 4.3% 4.5% 4.5% 4.6% 3.7% 3.6% 3.7% 4.4% Wages and Salaries 9 4.6% 4.5% 4.4% 4.6% 4.1% 4.0% 3.5% 4.2% CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2019-02.pdf

a. Personal Income 8 4.3% 4.5% 4.5% 4.6% 3.7% 3.6% 3.5% n.a. Wages and Salaries 9 4.6% 4.5% 4.4% 4.5% 4.1% 4.0% 3.3% n.a. CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2019-01.pdf

a. Personal Income 8 4.3% 4.5% 4.4% n.a. 3.7% 3.6% 3.5% n.a. Wages and Salaries 9 4.6% 4.5% 4.2% n.a. 4.1% 4.0% 3.3% n.a. CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2018-11.pdf

a. Personal Income 8 4.6% 4.3% 4.5% 4.4% 3.7% 3.8% 3.9% n.a. Wages and Salaries 9 4.6% 4.6% 4.5% 4.2% 3.8% 4.1% 4.4% n.a. CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2018-10.pdf

a. Personal Income 8 4.6% 4.3% 4.7% 4.6% 3.7% 3.8% 3.9% n.a. Wages and Salaries 9 4.6% 4.6% 4.9% 4.7% 3.8% 4.1% 4.4% n.a. CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2018-1.pdf

a. Personal Income 9 3.1% 2.7% 2.6% 3.8% 3.0% 2.5% 2.0% n.a. Wages and Salaries 10 3.4% 2.5% 2.4% 4.3% 2.8% 1.9% 1.3% n.a. FHFA personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 11. The annual growth rate of

Hits: 2

MTR-2018-09.pdf

a. Personal Income 8 4.5% 4.6% 4.3% 4.7% 3.9% 3.7% 3.8% 3.9% Wages and Salaries 9 4.9% 4.6% 4.6% 4.9% 4.3% 3.8% 4.1% 4.4% CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2018-07.pdf

a. Personal Income 8 4.5% 4.6% 4.3% 4.7% 2.4% 3.3% 3.7% n.a. Wages and Salaries 9 4.9% 4.6% 4.6% 4.9% 1.9% 4.0% 4.8% n.a. CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2018-06.pdf

a. Personal Income 8 2.7% 2.8% 4.0% 3.7% 2.5% 2.4% 3.3% 3.7% Wages and Salaries 9 2.5% 2.6% 4.8% 4.6% 1.9% 1.9% 4.0% 4.8% CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2018-05.pdf

a. Personal Income 8 2.7% 2.8% 4.0% 3.7% 2.5% 2.4% 3.5% n.a. Wages and Salaries 9 2.5% 2.6% 4.8% 4.6% 1.9% 1.9% 4.2% n.a. CPI- personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 9. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 10. The House Price Index is

Hits: 2

MTR-2018-04.pdf

a. Personal Income 9 2.7% 2.8% 3.9% 3.6% 2.5% 2.4% 3.5% n.a. Wages and Salaries 10 2.5% 2.6% 4.7% 4.5% 1.9% 1.9% 4.2% n.a. FHFA personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 11. The annual growth rate of

Hits: 2

MTR-2018-03.pdf

Industrial Electricity Sales 13 -4.0% -2.3% -3.5% -2.6% -0.4% 2.0% -0.6% 2.0% Wages and Salaries 10 3.4% 2.5% 2.6% 4.7% 2.8% 1.9% 1.9% 4.2% INDEPENDENT personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 11. The annual growth rate of

Hits: 2

MTR-2018-02.pdf

a. Personal Income 9 3.1% 2.7% 2.8% 3.9% 3.0% 2.5% 2.0% n.a. Wages and Salaries 10 3.4% 2.5% 2.6% 4.6% 2.8% 1.9% 1.3% n.a. FHFA personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 11. The annual growth rate of

Hits: 2

MTR-2017-12.pdf

a. Personal Income 9 1.6% 3.1% 2.7% 2.6% 1.2% 3.0% 2.5% 2.0% Wages and Salaries 10 1.0% 3.4% 2.5% 2.4% -0.4% 2.8% 1.9% 1.3% FHFA personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 11. The annual growth rate of

Hits: 2

MTR-2017-11.pdf

a. Personal Income 9 1.6% 3.1% 2.7% 2.6% 1.2% 3.1% 2.7% n.a. Wages and Salaries 10 1.0% 3.4% 2.5% 2.4% -0.4% 2.8% 2.3% n.a. FHFA personal income. Includes any inflationary gains. Source: U.S. Bureau of Economic Analysis. 10. Year-over-year growth rate of wages and salaries paid to all payroll employees. Source: U.S. Bureau of Economic Analysis. 11. The annual growth rate of

Hits: 2

MER-2015-06.pdf

U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth days delinquent. 5 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Industrial Electricity Sales The year-over-year

Hits: 2

MER-2015-04.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 5 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐

Hits: 2

MER-2015-03.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 5 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐

Hits: 2

MER-2014-12.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 5 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Industrial Electricity Sales The year‐over‐

Hits: 2

MER-2014-10.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index

Hits: 2

MER-2014-09.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index

Hits: 2

MER-2014-08.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index

Hits: 2

MER-2014-06.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index

Hits: 2

MER-2014-05.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index

Hits: 2

MER-2014-04.pdf

for 2014.1 is 0.1%). Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐over‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An index

Hits: 2

MER-2014-03.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An

Hits: 2

MER-2014-02.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An

Hits: 2

MER-2014-01.pdf

S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 Corporate Pro Ðits The year‐ days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year‐over‐year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi‐ ness and transfer income. Includes any in Ðlationary gains. 1 FHFA House Price Index An

Hits: 2

MER-2013-12.pdf

U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, busi- ness and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index

Hits: 2

IFO ppt.pdf

Income 4.5% 1.9% 2.6% 4.6% Disp. Pers. Income 4.6% 2.8% 3.0% 4.4% Wages 4.1% 1.2% 2.8% 4.3% Employment 0.4% -1.1% 0.9% 1.3% Economic Outlook - Pennsylvania pressures. – Elderly grow by 25% for 2010-20. – Working age population shrinks by -1.8% for 2010-20. Low total wage growth. – PA tax base contracts over long term. • Pension obligations major driver of future expenditures. • Uncertainty restrains short-run growth

Hits: 2

Grow PA 12.3.2019.pdf

1 2019.2 2019.3 2019.4 Real Gross Domestic Product 2.7% 2.5% 2.8% 2.1% --- --- Statewide Wages and Salaries 4.3% 3.2% 4.5% 5.0% 5.1% 4.2% Net Payroll Job Creation (000s, Annualized 2018 2019 2020 Real Gross Domestic Product 2.2% 1.3% 0.6% 2.6% 2.0% 1.5% Statewide Wages and Salaries 4.0% 1.3% 4.0% 4.0% 4.5% 3.6% Net Payroll Job Creation (000s) 46

Hits: 2

CNIT-Rate-Cut-2018-04.pdf

the form of consumers, workers or owners of capital (e.g., shareholders) effectively pay the tax through higher prices, reduced wages or lower capital gains, dividends, interest or rent. Those same groups will benefit from any reduction in the tax rate that finds 30 to 70 percent of the CNIT burden could be shifted to workers in the form of lower wages. 8 A Tax Foundation special report found that the tax burden is largely split equally between capital and labor. 9

Hits: 2

2013-10 Monthly Economic Summary.pdf

assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2013-08 Monthly Economic Summary.pdf

assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2013-07 Monthly Economic Summary.pdf

assets (e.g., intellectual property). Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2013-05_Monthly_Economic_Summary.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2013-04 Monthly Economic Report.pdf

1 value is 2.5%) Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 (2013.1 value is 2 days delinquent. 3 Quarterly Pennsylvania Economic Indicators Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2013-02 Monthly Economic Report.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- 4 n.a. 2.3% 5.6% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2012-12 Monthly Economic Summary FINAL.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- 4 3.5% -2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2012-11 Monthly Economic Summary- DRAFT 6.pdf

econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any infla- tionary gains. 1 Corporate Profits The year-over- 4 3.5% -2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2012-10 Monthly Economic Summary FINAL.pdf

econ- omy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal in- come. Includes wages, interest, dividends, rents, pen- sions, business and transfer income. Includes any in- flationary gains. 1 Corporate Profits The year-over- 4 3.5% -2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2012-08 Monthly Economic Summary_Final.pdf

U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of U.S. personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 Corporate Profits The year-over-year growth 4.1% -2.8% 5.2% Personal Income The year-over-year growth rate of PA personal income. In- cludes wages, interest, dividends, rents, pensions, business and transfer income. Includes any inflationary gains. 1 FHFA House Price Index An index that

Hits: 2

2012-07 Monthly Economic Summary10.pdf

from the US Bureau of Economic Analysis. Personal Income The year-over-year growth rate of US personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US Bureau of 3 4.5% -1.3% 5.5% Personal Income The year-over-year growth rate of PA personal income. Includes wages, interest, dividends, rents, pensions, business and transfer income. In- cludes any inflationary gains. Data are from the US Bureau of

Hits: 2

2007_divestment_complete_report.pdf

SANTONI, SAYLOR, SCAVELLO, SEIP, SHAPIRO, SIPTROTH, M. SMITH, SOLOBAY, STABACK, STAIRS, STURLA, SURRA, TANGRETTI, J. TAYLOR, R. TAYLOR, THOMAS, VITALI, WAGNER, WALKO, WATERS, WATSON, WHEATLEY, J. WHITE, WILLIAMS, WOJNAROSKI, YOUNGBLOOD, NAILOR, TRUE, SCHRODER, PASHINSKI, HENNESSEY, VULAKOVICH AND K. SMITH, APRIL 23 has been woefully inadequate. This report – part of the Center’s new DivestTerror.org campaign – is designed to shed light on the connections between U.S. State Department-designated terrorist- sponsoring states, the proliferation of weapons of mass destruction (WMD) and

Hits: 2

Releases

submitted materials to the House and Senate Appropriations Committees ahead of its scheduled budget hearings. This packet examines the minimum wage, personal and corporate income tax and other proposals included in the FY 2021-22 Executive Budget. Tags: budget , hearing Full Report January 2021 register. Tags: estimates , presentation , revenue Full Report Older Newer Release Type • Revenue Estimates • Revenue & Economic Update • Performance Budgeting • Natural Gas • Pension Analysis • Property Tax • Wage Contracts • Tax Credit Review • News Stand & Other Archives Year: All 2021 2020 2019 2018 2017 2016 2015 2014 2013 • February

Hits: 2

Smetters_Presentation_Full.pdf

Penn Wharton Budget Model 8 Census Data Microsimulation Family Composition (1996 – 2070) Penn Wharton Budget Model 9 Census Data Microsimulation Wage income deciles (1996 – 2070) Penn Wharton Budget Model 10 Census Data Microsimulation Marriage (1996 – 2070) Penn Wharton Budget Model 11

Hits: 1

Revenue_Estimate_2015-06-15_Snapshot.pdf

but the rate of increase is expected to be lower than the prior year’s rate. Personal Income Tax – Continued wage and employment gains motivate growth in withholding revenues. A technical factor relating to the calendar results in an extra withholding

Hits: 1

Revenue_Estimate_2014-06-16_Snapshot.pdf

continued growth. Personal Income Tax – Deposits from employer withholding are projected to increase modestly due to increased employment and low wage inflation. Quarterly and annual remittances are expected to exhibit much stronger growth in FY14-15 because these revenues were suppressed

Hits: 1

RB_2020_12_PPP_Loans_to_PA_Businesses.pdf

loans must have been used to offset payroll costs (at least 60 percent of the loan must be used for wages and benefits), mortgage interest, other interest, rent and utilities. 3 Approved loans could not exceed $10 million and were disbursed

Hits: 1

RB-2016-02.pdf

create 250 new jobs within Ðive years. The new jobs must provide health insurance and pay at least the average wage for that county. Research and Development Tax Credit $55,000 $55,000 Allows a tax credit of 10 percent (20

Hits: 1

RB 2019 RACP.pdf

the competitive bidding process, Pennsylvania Steel Products Procurement Act, Trade Practices Act, public works contractors’ bond law, the Pennsylvania Prevailing Wage Act, the Americans with Disabilities Act and meet certain fidelity bond and insurance (workers’ compensation, general liability and property damage

Hits: 1

Presentation_PASBO_Annual_Conference_3-8-2018.pdf

1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 7 Impact of 2016 Wage Growth Forecast SAWW Base ECI Source: Pennsylvania Department of Education. Forecast by IFO using data from the Pennsylvania Department of

Hits: 1

Pennsylvania_Aging_Presentation.pdf

of Senior Income 0% 5% 10% 15% 20% 25% 30% 35% Social Security DB-DC Pensions Interest - Dividends IRA Withdrawls Wages Business Income 2006 2014 May 24, 2017 14 The “Three Legged Stool” is now a chair. Source: Internal Revenue Service

Hits: 1

PBB_2020_DOH_REPORT_Final_Update.pdf

Source: U.S. Bureau of Labor Statistics, Occupation Employment Statistics; U.S. Census Bureau. Population/ Employee Hourly Median Wage Emergency Medical Technicians and Paramedics Employment in Border States (2018) State Laboratory | Page 37 Activity 12: State Laboratory The department operates the

Hits: 1

PBB_2020_DHS_REPORT_Final_Updated.pdf

could facilitate tracking outcomes related to TANF and employment training. This would create opportunities to track the average wage and the number of individuals that remain employed for more than 6 months after leaving TANF for employment. The department is currently

Hits: 1

PA_Economy_League_Presentation.pdf

lesser of annual growth in (1) sales tax revenues, (2) personal income tax revenues or (3) the statewide average weekly wage. 19.May.2017 Elimination 4 HB 147 of 2015 (Joint Resolution 2 of 2016).  Constitutional amendment to permit up

Hits: 1

novak ppt.pdf

Income GDP Personal income declined • Transfer payments and capital gains portion fell in Q3. • Other indicators suggest a different story – Wage and salaries increased in nominal terms – Unemployment rate was below 8 percent – Employment increased roughly 1 percent in 2011 -10

Hits: 1

NFIB_Presentation.pdf

2013 2014 2015 2016 2017 2018 Real GDP 1.6% 2.0% 2.3% 0.6% 1.8% 1.9% Wages and Salaries 1.8% 3.9% 4.1% 1.3% 3.8% 3.8% Philadelphia CPI-U 1.2% 1

Hits: 1

NewsStand_2019_October.pdf

to 85.8% after IRS auditing and enforcement efforts. The IRS finds that volun- tary compliance is much higher for wage income reported through withholding, with just 1% of this income un- derreported. For comparison, taxpayers filing for cash business or

Hits: 1

Newsstand_2019_April.pdf

show that Pennsylvania personal income grew by 3.9%, with two of the larger compo- nents growing by 4.0% (wages and salaries) and 4.3% (business income). For 2018 Q4 only, the respective growth rates were 4.4%, 4.2%

Hits: 1

Newsstand_2018_July.pdf

Ohio (2.9%) and West Virginia (2.5%). The strong performance for the state was driv- en by robust total wage and salary growth (4.8%), which ranked 10 th in the nation. -July 2018 - National News Latest Estimate for 2018

Hits: 1

Newsstand_2018_April.pdf

higher than in 2016. Home affordability is a major driver of this trend, as home prices are increasing faster than wages and mortgage interest rates are on the rise. (Full Article) IFO NEWS STAND A monthly glimpse at the state of

Hits: 1

MTR-2016-11.pdf

the natural gas industry has been declining in Pennsylvania in recent years. Data from the Quarterly Census of Employment and Wages 1 show a significant reduction in natural gas drilling jobs through the first quarter of 2016. Conversely, data from the

Hits: 1

MTR-2015-10.pdf

inflation. Annual COLAs are determined by the U.S. Department of Labor based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation’s effect on a typical bundle of goods and services purchased

Hits: 1

mid-year-FY14-15-press-release.pdf

Decreases Non-Tax Revenue -160 No Oil & Gas Lease Fund transfer or casino license fees. Personal Income -55 Concerns about wage growth and strength of annual payment. Bank Shares -15 Overpayments from prior year will reduce cash remittances. Other -40 Mainly

Hits: 1

Memo-2019-03-Income-and-Property-Tax-Burden-for-Retirees.pdf

1 State Income Tax Treatment of Retirement Income Note: n.a. represents states that have no personal income tax on wages. Source: Retirement Living Information Center and CCH IntelliConnect. Ratio Ratio All Residents 2.66% All Residents 2.94% Under Age

Hits: 1

House Appropriation Response Letter 2-28-2020.pdf

the recent budget hearing for the Independent Fiscal Office (IFO). Representative Grove requested an estimated breakdown of the IFO reviewed wage contracts by department. Please see the attached table. Representative Brown requested property tax burden by county. This project has been

Hits: 1

Demographics_Outlook_2020.pdf

projects, coordinating the forecast of department expenditures and working on special projects that pertain to education, demographics, minimum wage and other subjects as needed. Lesley Rompalo, Revenue Analyst II Ms. Rompalo joined the IFO in June 2016. Primary responsibilities include leading

Hits: 1

2019_Wage_Contract_Summary_Table.pdf

Total 163.8 350.7 558.8 753.2 1,826.4 Note: Figures in dollar millions. Fiscal impact includes wages, benefits and healthcare costs. Agreements with missing figures will be populated when the contract summaries and data are received from

Hits: 1

2002_drop_report.pdf

pay retirement benefits. They permit an employee who is eligible for normal retirement to continue employment and continue to receive wages or salary as usual. But, instead of deferring retirement, the employee’s regular monthly retirement payments commence and are deposited

Hits: 1

2000_cost_of_living_adjustments.pdf

S NO. 1444 THE GENERAL ASSEMBLY OF PENNSYLVANIA SENATE RESOLUTION No. 103 INTRODUCED BY TILGHMAN, HART, ARMSTRONG, LOEPER, CONTI, JUBELIRER, WAGNER, MURPHY, HELFRICK, TOMLINSON, COSTA, ROBBINS, MOWERY, WOZNIAK, BRIGHTBILL, O'PAKE, MADIGAN, GERLACH, RHOADES, WHITE, DENT, MUSTO, SLOCUM, SCHWARTZ, LEMMOND, BOSCOLA

Hits: 1

About IFO

based budgeting projects, coordinating the forecasting of various department expenditures and working on special projects pertaining to education, demographics, minimum wage and other subjects as needed. Ms. Maynard also previously forecasted personal income tax revenues. Prior to working at the IFO

Hits: 1