Monday, February 19, 2007

CONTACT: Solomon Jones
(215) 829-1620/ (215) 370-5681

FOR IMMEDIATE RELEASE

FATTAH ANNOUNCES BOLD VISION TO LIFT THOUSANDS OUT OF POVERTY AND CREATE OPPORTUNITY FOR ALL PHILADELPHIA

PHILADELPHIA, PA - Mayoral Candidate Chaka Fattah today released his fiscal plan along with the Fattah Opportunity Agenda - a bold plan to unlock the potential of every Philadelphian by using one of the city's greatest assets - the Philadelphia International Airport.

By leasing the airport, $1.9 billion will be invested in the Philadelphia Opportunity Fund. The earnings from this fund - around $150 million annually - will pay for the key proposals of the Fattah Opportunity Agenda. To ensure accountability, these funds will be overseen by a newly-formed Philadelphia Opportunity Foundation.

The Fattah Opportunity Agenda seeks to bolster child achievement at every level of education, with a special focus on ensuring all children have access to early education. As Mayor, Chaka Fattah will create a network of early child care and education centers, available to all Philadelphians.

"Pre-K education is the key to long-term educational success," said Fattah. "If we invest in our children early, we can all reap the benefits."

In his fiscal plan, Fattah calls for replacing the business privilege tax with a simple net profits charge which will eliminate the gross receipts portion of the current tax and do away with double taxation, making sure that all businesses in Philadelphia pay a fair share of city taxes. As another step toward making Philadelphia more competitive, the Fattah Administration will continue to reduce the wage tax.

"We need bold, innovative ideas to address big problems in a way that requires everybody do their share," Fattah said. "We want everyone to benefit from these ideas, but we want everyone to share responsibility for making them work."

The Fiscal Stability Plan will also look to make that the real estate reassessment does not cause undue harm to residents.

"We will implement new ideas," Fattah said. "But we will also call for accountability, and avoid big government proposals that mean higher taxes and bureaucratic waste."

"The long term future of Philadelphia is inextricably intertwined with moving our most dependent populations toward prosperity and providing real opportunity to all Philadelphians," Fattah said.

To learn more about Chaka Fattah's Opportunity Agenda and Fiscal Plan, please visit the policy page of our website at http://www.phillyforfattah.com/policy_center.asp

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Last Updated: February 20, 2007