(June 15, 2009) The California Chamber of Commerce and other employer groups have been pointing out to state decision-makers that the last two state budget compromises mean a $10+ billion increase in employer tax payments during the next two budget years.
The increased tax burden is the result of a combination of tax increases, borrowing and acceleration of tax revenues from businesses in the next two years and beyond.
While some economic recovery reforms were also adopted, many companies investing in jobs and operations in California—or attempting to recover from the economic downturn—will suffer permanent harm from these tax increases.
via www.Columbia.com
Awesome. Two years in a row we're getting tax hikes that will undoubtedly and seriously impact businesses in California. I'm so tired of the failed policies of this state that result in all the budget woes and debt. The very companies that the state relies on to keep it's economy going are getting hammered with higher and higher costs because of regulation and taxes. These companies have been leaving California for years and taking their jobs with them. Meanwhile, the state sinks further and further into debt. It's really sad to see the once mighty California being driven into the dirt by it's legislators.
Also, do all my fellow Californian's want to spend even more in taxes? Income taxes are only going up .25% but that's another $20-$30 a month I need to cough up, and for what exactly? Those of you non-income tax paying households that don't mind us tax payers getting reamed should also be concerned because it's also costing more to drive a car too. Also let's not forget that sales tax is up to a whopping 8.25%. Do you know who pays a higher sales tax rate in this country? Nobody does. We pay the highest. Since it's a regressive tax it tends to negatively impact the poor more so than the wealthy.
Had enough yet California?
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