Whoa, Not More Taxes
Another tax on California’s economy surfaced this week (March 22) even as the state announced that budget revenues are exceeding projections. Los Angeles Assemblymember Miguel Santiago reintroduced legislation (AB 1253) from last year that would raise income taxes on entrepreneurs, business owners and investors, among others, who have played an important role in creating jobs in the state. It’s one of four current bills (AB 71, AB 65 and AB 310/ACA 6) that would seek to impose a variety of new taxes on jobs and investment and erode California’s ability to compete against other states. The state is already sitting on record revenues, a $14 billion surplus and $150 billion in new federal relief funds of which $26 billion goes straight to the General Fund.
This, at a time when California continues to struggle with high unemployment, a flight of jobs, investors and companies to other states, and thousands of small businesses fighting for survival. The Bay Area Council vigorously opposes these untimely and misguided taxing schemes, and our work continues on organizing California’s top business, industry and trade associations to advance an economic growth and competitiveness strategy. To engage in the Council’s business climate work, please contact Chief Operating Officer John Grubb.