PHILADELPHIA | Highrise Development Thread IX - Page 338

relnahe · #**6741** Posted **Mar 3, 2015, 5:57 PM**

Quote:

Originally Posted by joemustardo

Obama 2.0.

Not sure what this comment is supposed to mean.

br323206 · #**6742** Posted **Mar 3, 2015, 5:58 PM**

Quote:

Originally Posted by iamrobk

Just in Philly or in the entire state?

The entire state. I didn't mention it because that detail came out last week so I figured everyone knew about it already.

br323206 · #**6743** Posted **Mar 3, 2015, 5:58 PM**

Quote:

Originally Posted by joemustardo

Obama 2.0.

Such thoughtful analysis. I'm blown away.

iamrobk · #**6744** Posted **Mar 3, 2015, 6:26 PM**

Quote:

Originally Posted by br323206

The entire state. I didn't mention it because that detail came out last week so I figured everyone knew about it already.

Ah ok. Just wanted to clarify. I haven't followed state politics much (really, most of what learn about it is from this thread haha) so I missed out on that.

AbortedWalrus · #**6745** Posted **Mar 3, 2015, 8:36 PM**

Quote:

Originally Posted by br323206

The entire state. I didn't mention it because that detail came out last week so I figured everyone knew about it already.

I figured it was something like that, but it's really important to put something like a bump in personal income tax in perspective.

As I understand things the proposal will bump personal income tax from 3.07% to 3.7%. He also wants 5% shale extraction tax. That money will offset tax revenue losses from halving the corporate tax rate, and lowering property taxes (wage tax for Philly). In Philadelphia the wage tax will be reduced by .5%, giving the city a less than .2% increase in overall personal taxes. The potential of luring large corps to the city via the substantial corporate tax cuts should easily offset that, I would imagine. And more corps = more skyscrapers so yay.

sayitaintso · #**6746** Posted **Mar 3, 2015, 8:53 PM**

http://www.philly.com/philly/news/201503...politan_Opera_House_on_N__Broad_St_.html

Man all these guys are shitebags Blumenfeld, Blattstein, Rappaport. Are there any developers out there with a shred of ethics, honor and integrity !?

Larry King · #**6747** Posted **Mar 3, 2015, 8:58 PM**

.............

sayitaintso · #**6748** Posted **Mar 3, 2015, 8:59 PM**

Quote:

Originally Posted by AbortedWalrus

I figured it was something like that, but it's really important to put something like a bump in personal income tax in perspective.

As I understand things the proposal will bump personal income tax from 3.07% to 3.7%. He also wants 5% shale extraction tax. That money will offset tax revenue losses from halving the corporate tax rate, and lowering property taxes (wage tax for Philly). In Philadelphia the wage tax will be reduced by .5%, giving the city a less than .2% increase in overall personal taxes. The potential of luring large corps to the city via the substantial corporate tax cuts should easily offset that, I would imagine. And more corps = more skyscrapers so yay.

However you forgot the state sales tax bump .6% to 6.6% raising philly sales tax and everyone who lives in philly, to 8.6% which increase the overall burden by .8%!!!

Londonee · #**6749** Posted **Mar 3, 2015, 9:11 PM**

Quote:

Originally Posted by sayitaintso

http://www.philly.com/philly/news/201503...politan_Opera_House_on_N__Broad_St_.html

Man all these guys are shitebags Blumenfeld, Blattstein, Rappaport. Are there any developers out there with a shred of ethics, honor and integrity !?

I agree, I've been very critical of this guy over the years here. Like PREIT and Goldenberg, he just seems to be a do nothing. Though other posters seem to like him for some reason?

Beyond the fact that he's effectively squatting on MASSIVE SWATHS of North Broad without any plans in place, he also just seems to be a huge tool. Look at all his photo ops (including the one attached to the DN article) throughout the years. His whole shtick feels very narcissistic.

Does he still owe Stradley Ronon $750k?

Larry King · #**6750** Posted **Mar 3, 2015, 9:25 PM**

Quote:

Originally Posted by Londonee

I agree, I've been very critical of this guy over the years here. Like PREIT and Goldenberg, he just seems to be a do nothing. Though other posters seem to like him for some reason?

Beyond the fact that he's effectively squatting on MASSIVE SWATHS of North Broad without any plans in place, he also just seems to be a huge tool. Look at all his photo ops (including the one attached to the DN article) throughout the years. His whole shtick feels very narcissistic.

Does he still owe Stradley Ronon $750k?

developers should wait until shovels are in the ground to do photo-ops IMHO

philatonian · #**6751** Posted **Mar 4, 2015, 4:23 AM**

Quote:

Originally Posted by sayitaintso

http://www.philly.com/philly/news/201503...politan_Opera_House_on_N__Broad_St_.html

Man all these guys are shitebags Blumenfeld, Blattstein, Rappaport. Are there any developers out there with a shred of ethics, honor and integrity !?

Ya know, say what you will about incorporated churches occupying massive historic buildings that they couldn't possibly hope to restore, this "merger" just reeks of shade.

Swindling him out of a $20M building for ONE DOLLAR? There is a special place in he11 for people like him, even if business is business.

Let's face it, Blumenfeld isn't getting into the theater business anytime soon. He saw a sap and the opportunity to grab a piece of land in a neighborhood that's ready to pop any day now.

I'd love to see the Met reopened as a theater, or anything, but not if it means developers like Blumenfeld can set such a precedent.

1487 · #**6752** Posted **Mar 4, 2015, 1:46 PM**

Quote:

Originally Posted by sayitaintso

However you forgot the state sales tax bump .6% to 6.6% raising philly sales tax and everyone who lives in philly, to 8.6% which increase the overall burden by .8%!!!

Philly sales tax will not change and cigarette tax here would be reduced. Lets get the facts straight.

br323206 · #**6753** Posted **Mar 4, 2015, 1:48 PM**

Quote:

Originally Posted by sayitaintso

However you forgot the state sales tax bump .6% to 6.6% raising philly sales tax and everyone who lives in philly, to 8.6% which increase the overall burden by .8%!!!

Philly.com is reporting that the sales tax increase will not apply to Philly. So that will further bring PA in line with the city. Additionally, Phillymag is reporting that the property tax relief will also apply to Philly. If anything close to this budget gets passed, Philly really stands to benefit.

tsarstruck · #**6754** Posted **Mar 4, 2015, 2:45 PM**

Quote:

Originally Posted by br323206

Philly.com is reporting that the sales tax increase will not apply to Philly. So that will further bring PA in line with the city. Additionally, Phillymag is reporting that the property tax relief will also apply to Philly. If anything close to this budget gets passed, Philly really stands to benefit.

Um. You're *really* going to need to back up both that last claim with a link. Literally ever media source I've seen has said that Philly would get wage tax relief instead of property tax relief. [See below. He or she is right, and I was wrong to doubt him or her.

[EDITED TO ADD: I'm seeing other evidence of the sales tax claim, which seemed more credible to begin with. Modifying the post to only ask for links to the second claim.]
[EDITED TO ADD: br323206 was 100% right.]

http://www.phillymag.com/citified/2015/03/04/tom-wolf-philadelphia-tax-plan/

Quote:

Using an estimated $88 million of tax relief, Wolf wants to double the city's existing homestead exemption for property taxes as well as reduce the overall property tax rate. Details were not immediately available on how much the property tax rate would drop.

boxbot · #**6755** Posted **Mar 4, 2015, 3:31 PM**

Quote:

Originally Posted by sayitaintso

http://www.philly.com/philly/news/201503...politan_Opera_House_on_N__Broad_St_.html

Man all these guys are shitebags Blumenfeld, Blattstein, Rappaport. Are there any developers out there with a shred of ethics, honor and integrity !?

I was going to post in the Divine Lorraine thread that it appears the emperor has no clothes, but I think Summers rolled it into one of the general threads.

If it's true, this is not a new story - a developer/builder gets in over his head, can't get paid on projects he's completed before jumping headlong into other jobs, making promise after promise until no one else will lend to him and he ends up in bankruptcy protection.

Larry King · #**6756** Posted **Mar 4, 2015, 3:39 PM**

...........

summersm343 · #**6757** Posted **Mar 4, 2015, 6:13 PM**

What Wolf's Tax plan means for Philly

-Using an estimated $88 million of tax relief, Wolf wants to double the city's existing homestead exemption for property taxes as well as reduce the overall property tax rate. Details were not immediately available on how much the property tax rate would drop. Additionally, Wolf is proposing a $500 rent rebate for state residents, including those in Philadelphia, who earn up to $50,000 annually.

-Wolf's budget would eliminate the city's $2 tax on every pack of cigarettes, making up for the costs with tax relief. (Wolf's plan would also raise the state cigarette tax by $1 per pack.)

-Wolf wants to reduce the city's local sales tax from 2 percent to 1.4 percent, using, again, tax relief. Since he is pushing to raise the state sales tax from 6 percent to 6.6 percent, this means Philly's overall sales tax would remain at its current rate of 8 percent.

-Wolf wants to reduce the city's wage tax for residents from 3.92 percent to 3.48 percent with — you guessed it — tax relief. It would continue to fall in future years, and by 2020, the Wolf administration says it would reach its lowest point since 1976 at 3.36 percent. The wage tax for nonresidents would drop from 3.49 percent to 3.11 percent.

Read more at http://www.phillymag.com/citified/2015/03/04/tom-wolf-philadelphia-tax-plan/#x8vGzOip0AYWXKLU.99

br323206 · #**6758** Posted **Mar 4, 2015, 6:33 PM**

Quote:

Originally Posted by tsarstruck

Um. You're *really* going to need to back up both that last claim with a link. Literally ever media source I've seen has said that Philly would get wage tax relief instead of property tax relief. [See below. He or she is right, and I was wrong to doubt him or her.

[EDITED TO ADD: I'm seeing other evidence of the sales tax claim, which seemed more credible to begin with. Modifying the post to only ask for links to the second claim.]
[EDITED TO ADD: br323206 was 100% right.]

http://www.phillymag.com/citified/2015/03/04/tom-wolf-philadelphia-tax-plan/

No worries. Healthy skepticism is a good thing. I should have posted links but I was in a hurry.

Philly Kid · #**6759** Posted **Mar 4, 2015, 7:50 PM**

http://www.philly.com/philly/blogs/heardinthehall/Nutters-last-budget-proposal.html

Unfortunately it sounds like Nutter is proposing to raise property taxes by 9.4% in his budget.

iheartphilly · #**6760** Posted **Mar 4, 2015, 8:16 PM**

Doesn't the democrats=tax and spend?