Inaction is likely to result in higher taxes on small business
Pennsylvania’s employee pension systems for state workers and teachers are drastically underfunded. The current unfunded liabilities top $47 billion. If not addressed, this ever-growing debt is very likely to result in increased taxes impacting small businesses and every Pennsylvanian.
After many attempts by the state legislature to reform these defined benefits plans, no progress has been made. But Rep. Warren Kampf, who is respected by his peers in the state legislature for his pension expertise, sees hope on the horizon. A bill, SB1071 has just been introduced to alter the current system. In this video, Rep. Kampf tells NFIB, the bill has a chance of passing. He spoke on the pension issue at a recent NFIB meeting for small-business owners in Chester County.