Pennsylvania Governor Josh Shapiro speaks at a campaign rally for Vice President Kamala Harris on July 29, 2024 in Ambler, Pennsylvania.
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Pennsylvania Gov. Josh Shapiro defended his support for “aggressive” corporate tax cuts, a stance that may anger some of his fellow Democrats but won his support from the state’s business community.
“We need to provide a more favorable tax environment for our businesses as part of an overall strategy to provide a more favorable tax environment for our businesses,” Shapiro told reporters at an event in Philadelphia with Treasury Secretary Janet Yellen. Pennsylvania is growing jobs and creating more economic opportunity.
“I’m very competitive” compared to other states, he said. That’s “why I’m so aggressive in trying to cut sales taxes.”
Shapiro joins Yellen in declaring Pennsylvania a key state election battlefield, will be the next state to enter IRSNew free tax filing system.
But with Vice President Kamala Harris set to choose her running mate sometime in the next 10 days, the event provides Shapiro’s latest opportunity to showcase her record of moderate economic policies.
Shapiro joins Minnesota Governor Tim Walz, Arizona Senator Mark Kelly, Illinois Governor JB Pritzker, Kentucky Governor Andy Beshear and Transportation Secretary Pete Buttigieg Together they entered Harris’ short list of vice presidential candidates. governor of north carolina Roy Cooper He withdrew from the race himself on Monday night.
For Harris, the popular Pennsylvania governor could help create a key swing state. His clear delivery and high-dollar donor connections could also be assets to Harris’ campaign as she sprints to Election Day in less than 100 days.
As Shapiro moves through the closed-door vice presidential vetting process, voters are assessing his policy positions.
The economic stance he laid out on Tuesday sought to strike a balance between pro-worker and pro-consumer, mirroring the approach of the Biden-Harris administration, while also remaining business-friendly.
On Sunday, Shapiro will attend a luncheon with big Democratic donors. HamptonCNBC reported on Monday.
Like Shapiro, Yellen responded to several questions about potential economic priorities for the Harris administration.
On tax cuts, Yellen said she expected Harris to largely adhere to President Joe Biden’s pledge to avoid tax increases on middle-income families. She also said Harris would likely support child care issues such as paid leave and an expansion of the child tax credit.
Yellen added: “I don’t want to go into detail about her priorities, but these are certainly things that she has focused on and worked on over the past three and a half years.”
U.S. Treasury Secretary Janet Yellen speaks at the Financial Stability Oversight Council Conference on Artificial Intelligence and Financial Stability at the U.S. Treasury Department in Washington, DC, June 6, 2024. In her speech, Yellen talked about the future impact of artificial intelligence on the economy.
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The White House has repeatedly touted the IRS’s direct filing system, which allows users to file their taxes directly and for free. It’s part of the Biden administration’s broader goal to fix what it often says is a broken tax system that favors the wealthy.
Direct File is piloting in 12 states for the 2024 tax filing season. According to Yellen, more than 140,000 taxpayers have used it, saving them $5.6 million in federal filing fees and receiving $90 million in tax refunds.
The service is planned to be available in all 50 states starting in 2025.
The IRS has often been a point of contention in budget discussions on Capitol Hill, as Democrats say the agency is underfunded and some Republicans see it as an overspending agency.
“The IRS is underfunded. That means taxpayers are not getting the support they deserve,” Yellen said.
