Millions of Americans Get Tax Update for 2026-27 Under State Budget Plan
Summary
Pennsylvania Governor Josh Shapiro proposed a $53.2 billion state budget for the 2026-27 fiscal year. The plan includes increased spending on education, health care, and public safety, with new revenue expected from legalizing cannabis and regulating skill games. The proposal also suggests using the rainy day fund and issuing bonds for projects, without broadly increasing taxes.Key Facts
- Governor Josh Shapiro proposed a $53.2 billion state budget for Pennsylvania for the year 2026-27.
- The budget aims to avoid broad-based tax increases for at least five years.
- New revenue could come from legalizing cannabis and taxing skill games, with an estimated $2 billion in taxes.
- The state plans to use its $7.5 billion rainy day fund and issue bonds for infrastructure and other projects.
- Shapiro proposed increasing the minimum wage in Pennsylvania from $7.25 to $15 per hour.
- The budget includes $665 million in new K-12 education funding.
- Around $2.7 billion in new funding is allocated for health initiatives and increased Medicaid spending.
- A tax credit is expected to return $193 million to 940,000 Pennsylvanians this year.
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