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  #19101  
Old Posted Jan 19, 2019, 11:31 PM
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^
Ouch. Tax overlap.
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  #19102  
Old Posted Jan 20, 2019, 2:10 AM
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Originally Posted by eixample View Post
The School District has a tax on dividends at the same rate as the wage tax. I pay this every year on my vanguard investments that are not in a tax-defered fund. Maybe that is what City Wide is referring to?

From phila.gov:
The wage tax or its equivalent applies to nearly all types of income for Philadelphia residents. If it's not considered wages, you get hit with the School Income Tax, Net Profits Tax, or Earnings Tax, which all have the same rate as the wage tax. Vanguard is probably more concerned with the BIRT, which is 1.415 mills PLUS 6.30% on taxable net income and applies to companies operating in the city regardless of whether the executives and/or principals live in the city.
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  #19103  
Old Posted Jan 20, 2019, 2:29 AM
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Originally Posted by jsbrook View Post
The wage tax or its equivalent applies to nearly all types of income for Philadelphia residents. If it's not considered wages, you get hit with the School Income Tax, Net Profits Tax, or Earnings Tax, which all have the same rate as the wage tax. Vanguard is probably more concerned with the BIRT, which is 1.415 mills PLUS 6.30% on taxable net income and applies to companies operating in the city regardless of whether the executives and/or principals live in the city.
With Vanguard Group being a mutual organization owned by its mutual funds and thus by its customers, I'm not sure taxes impact them to the same degree as they would a typical corporation. I'm not knowledgeable on the intricacies though, so I could be wrong.
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  #19104  
Old Posted Jan 20, 2019, 3:02 AM
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It seems like the School Income Tax applies to the individual investors in their brokerage (taxable) accounts. Institutional investors are another matter. Any college savings and retirement tax-deferred would not appear to count towards it. Vanguard would pay profits it made like any other business but they are structured in a way that complicates the matter and I'm sure they would take a serious legal review if they were so incline to move the corporation into the city. But, I doubt they want to waste their time by tying themselves up in litigation with the city. They are good where they are.
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  #19105  
Old Posted Jan 20, 2019, 3:44 AM
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I worked at Vanguard years ago. John Bogle was cool - made the executives eat in the employee cafeteria along with himself. Visited the work floors, talked to all level of employees, and listened to customer calls. As soon as he retired the executives disappeared into the executive dining room. Lots of them had settled into Chester County mini estates and have no interest in commuting to Philadelphia. Maybe the next generation will see things differently when the older guys retire.
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  #19106  
Old Posted Jan 20, 2019, 8:53 PM
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my statement about how City taxes might effect Vanguard if they were based in the City comes from two memories----the first was something I read back in the years of Randall as mayor, who was friends with Bogle, about why Vanguard was based in the burbs and the answer was something to do with a type of City tax that had a large impact on financial firms or something that would be very expensive for Vanguard type companies, and 2nd, back in the mid oo's the City was trying to get Blackstone to come to Philly and City Council was talking about changing some specific law that effected companies who sold mutual funds. Sorry, but that's all I got. This is not something that has great interest to me so its not logged deeper in my brain cells.

Last edited by City Wide; Jan 21, 2019 at 5:08 AM.
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  #19107  
Old Posted Jan 20, 2019, 9:32 PM
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  #19108  
Old Posted Jan 20, 2019, 10:13 PM
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Originally Posted by Knight Hospitaller View Post
Would love to see the bus terminal moved adjacent to 30th St., as the plan calls for. I'm guessing this won't really affect the current terminal, just ancillary bus parking.
I believe that moving the bus terminal nearby 30th St would make it a great move for Philadelphia to finally have a multimodal transportation center for the region. There's already intercity bus service nearby with the Megabus and Bolt services, as well as Amtrak, NJ Transit and SEPTA rail service.

Not sure whether Schuylkill Yards would be a reality in the near future, but hopefully the bus terminal can help that part of the city, especially since there's easier access to the interstate.
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  #19109  
Old Posted Jan 21, 2019, 12:18 AM
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  #19110  
Old Posted Jan 21, 2019, 5:38 PM
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Interesting video clip from WHYY; Philly is talked about.

https://www.articulateshow.org/artic...-to-your-world
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  #19111  
Old Posted Jan 21, 2019, 6:37 PM
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I stumbled across an interesting publication which is a great backgrounder on the history of Society Hill and I.m. Pei's role in its planning: "I.m. Pei and Society Hill: a 40th Anniversary Celebration" published by the Society Hill Towers Owners Association in 2003. Hard copies don't seem to be available, but google books allows the entire book to be read online (not just portions).

https://books.google.com/books?id=J_...page&q&f=false
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  #19112  
Old Posted Jan 22, 2019, 4:29 PM
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The book, I would guess based on the title, won't expose any ugly details, if they did in fact exist. Did anyone oppose the SH towers as "out of scale" with the neighborhood (which I get is not the same neighborhood as it was in the 1950's.)? I'm guessing no but is there anyone on this forum from that era that remembers how this project was received?

But I bet that if these beloved towers were proposed today, all of SH would unite in their opposition. It's like I always say about Lucy the Elephant. It's a beloved landmark but if it was proposed today, Margate residents would shit their pants.
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  #19113  
Old Posted Jan 22, 2019, 5:14 PM
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http://www.philly.com/news/skyline-p...-20190122.html

The upside is our skyline is regularly confused with America's biggest and most impressive. The downside is no one recognizes philly.
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  #19114  
Old Posted Jan 22, 2019, 5:55 PM
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Quote:
Originally Posted by allovertown View Post
http://www.philly.com/news/skyline-p...-20190122.html

The upside is our skyline is regularly confused with America's biggest and most impressive. The downside is no one recognizes philly.
Good. The longer we can keep how good Philly really is a secret, the better.
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  #19115  
Old Posted Jan 22, 2019, 6:17 PM
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Originally Posted by allovertown View Post
http://www.philly.com/news/skyline-p...-20190122.html

The upside is our skyline is regularly confused with America's biggest and most impressive. The downside is no one recognizes philly.
In related news, I wonder how many people realize the city they're seeing in the Shazam trailers is Philly and not NYC or Chicago.
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  #19116  
Old Posted Jan 22, 2019, 7:45 PM
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Originally Posted by McBane View Post
The book, I would guess based on the title, won't expose any ugly details, if they did in fact exist. Did anyone oppose the SH towers as "out of scale" with the neighborhood (which I get is not the same neighborhood as it was in the 1950's.)? I'm guessing no but is there anyone on this forum from that era that remembers how this project was received?

But I bet that if these beloved towers were proposed today, all of SH would unite in their opposition. It's like I always say about Lucy the Elephant. It's a beloved landmark but if it was proposed today, Margate residents would shit their pants.
There is plenty of information about the "ugly details" in the public domain. I'm not sure whether there was opposition by existing residents, though they were probably too worried about putting food on the table to mobilize. But the Society Hill Towers represented and spurred something completely different than so-called luxury apartment rentals in the neighborhood do today. The neighborhood was quite poor and the Society Hill Towers were a big piece of an intentional and systematic, government-sponsored gentrification (though not called that) the likes of which could not happen today. I don't know if it's in these links, but the government actually projected the number of low income residents that would be displaced by the plans they executed.

https://whyy.org/segments/slums-slee...safer-unequal/

https://medium.com/for-whom-cities-g...n-60d2277bbed3
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  #19117  
Old Posted Jan 22, 2019, 10:51 PM
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  #19118  
Old Posted Jan 23, 2019, 12:54 AM
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Sucks they couldn't find a suitable developer. The article seems to blame Philadelphia's extra construction costs and the complexity of the design as reasons for it falling through.

At the end of the day though, I wonder how good looking any overbuild of the Merriam theatre would have actually been. And further into the end of the day, I would rather developers build on all of the available vacant lots in the city before building over existing buildings.
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  #19119  
Old Posted Jan 23, 2019, 2:55 AM
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Originally Posted by mcgrath618 View Post
Good. The longer we can keep how good Philly really is a secret, the better.
Perhaps from a buyer and renters perspective, but if you want to see more development, i.e. skyscrapers, it's not!
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  #19120  
Old Posted Jan 23, 2019, 4:27 AM
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https://www.phillyvoice.com/philadel...r-liberty-one/

Apparently 1/3 of New Yorkers think we're them.
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