Mayor Kenney Signs Bill To Lower City's Wage Tax, Giving Very Small Boost To Paychecks

PHILADELPHIA (CBS) -- People who live or work in Philadelphia are about to see a very small boost in their paychecks. Mayor Jim Kenney just signed a bill Tuesday afternoon to lower the city's wage tax.

It is part of the budget passed by City Council last week.

Here is what the change means for you:

• The wage tax for people living in the city will drop from 3.83% to 3.79%.
• For non-residents, the wage tax will decline from 3.48% to 3.44%.
• If you make $50,000, city residents will save $20 a year.
• Non-residents making the same amount of money will keep an extra $4 a year.

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