The Tax Commission’s recommendations deliver another blow to business
The Governor’s Commission on the 21st Century Economy delivered its much anticipated report today. Some of the recommendations are valid and should be embraced by the Legislature. But unfortunately, the report also calls for a hidden tax on business (known as the business net receipts tax) that would lead to taxing services.
At a time when California’s business climate is the third worst in the nation and when its unemployment rate is breaking Depression-era records, the notion of a hidden tax will go over like a lead balloon with taxpayers, with economists and certainly with Republicans.
How can we support any idea that will make California less competitive in business, kill jobs and evaporate the entrepreneurial spirit that Californian is known for the world-over? It’s obvious that further taxation will do all of these things, and in the process send California’s business climate to rock bottom and push our joblessness rate through the roof.
Perhaps instead, Legislative leaders and the governor should get serious about… Read More