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Governor Wolf Announces Plan To Radically Change Pennsylvania's Corporate Tax Structure

By Tony Romeo

HARRISBURG, Pa. (CBS) -- Pennsylvania Governor Tom Wolf is proposing dramatic changes to the state's business tax structure.

On Tuesday morning, as he spoke with reporters after an event with business leaders near Harrisburg, Governor Wolf was insistent that he wouldn't give out details of his budget proposal before his address to lawmakers next Tuesday…

(Reporter/Romeo): "Will you give is any clue here?"

"No, no," Wolf said. "You have to wait until next Tuesday."

But then the governor added.

"I hope you're surprised," he said. "I hope you're surprised pleasantly."

It turns out he did have a surprise in his pocket -- and a crowd in Bethlehem didn't have to wait until Tuesday. The governor traveled to the Lehigh Valley Wednesday to announce his proposal to cut the state's corporate net income tax in half within two years, from 9-point-99 percent, to 4-point-99 percent. But he also wants to crack down on companies that shift profits to lower-tax jurisdictions.

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