What Philly's wage tax cut means for your wallet

• A household earning $50,000 would save nearly $25 in wage taxes compared to the old rate, while residents earning $100,000 would pocket $49.80 in savings.

Context: City legislators and Mayor Jim Kenney hashed out a budget deal that led to last week's passage of the $5.8 billion budget for the upcoming fiscal year, which begins July 1.

• In addition to the wage tax relief, officials also slightly reduced the business income and receipts tax, or BIRT, to its lowest level in more than five decades.

Of note: The wage tax is the largest revenue generator in the city.

Between the lines: How much the business-friendly and wage tax cuts will cost Philly remains unknown.

• The city has yet to calculate how much the tax cuts will cost the city in revenue, Kevin Lessard, a spokesperson for the Kenney administration, told Axios last week.