California Invents A Time Machine To Suck More Money Out Of Businesses
It's a retroactive tax increase that goes back five years! From the WSJ:
California imposed a huge retroactive income tax increase last year, but some 2,500 small business owners are learning that once is never enough for Sacramento. The state now wants to hit them with a retroactive levy going back to 2008, to the tune of $120 million or more.California has since 1993 let investors cut their capital-gains tax in half if they invest in qualified state businesses. But late last year the state Court of Appeal ruled that the tax break violates the U.S. Constitution's Commerce Clause by discriminating against out-of-state firms.
Instead of simply ending the tax incentive going forward, the state Franchise Tax Board has ordered investors who used the tax break to pay five years of back taxes. As a special insult, these taxpayers may have to pay interest and penalties on the "unpaid taxes" they were never required to pay in the first place. So the politicians promise tax favors for investment, but when the courts invalidate the favors the politicians punish the folks who did what the politicians asked them to do.
Texas remains open for business. I'm not at all certain, Amy, why you and so many other productive citizens remain in a state where your productivity is punished and taken for granted.
I work in a position where I dealt with individuals relocating to Texas from other states, and I can tell you that New York, Illinois and California are losing large quantities of hard-working and talented people on a steady basis, and a very large number of them are coming to Texas.
The California leadership in Sacramento and at the local level must have an endgame in mind, but it isn't readily apparent.
roadgeek at August 31, 2013 8:08 AM
>productivity is punished and taken for granted
I agree. The People's Democratic Republic of California is a nice place to visit, but wouldn't want to live there.
Stinky the Clown at August 31, 2013 11:01 AM
Amy,
If you weren't there, I would hope California falls into the ocean relatively soon.
Jim P. at September 1, 2013 12:11 AM
"hope California falls into the ocean"
Seriously - you'd destroy the Sierra Nevada, Napa Valley, Hollywood, Silicon Valley, San Francisco, the Getty museum, and 30 million human lives - because you don't agree with California's tax codes?
Psychotic.
Gog_Magog_Carpet_Reclaimers at September 1, 2013 7:15 PM
Let's see:
The Sierra Nevada mountain range and Napa Valley are a natural feature like the Pacific Ocean, the Appalachian Range or anything else that is in nature.
Hollywood is as hypocritical as they get[1][2]
Silicon Valley is the home of Google[3] -- one of the worst violators of civil rights.
San Francisco: What the hell has come out of there that is worth mentioning. The anti-gun laws? How about the anti-harassment laws that conflict with the anti-bum laws? Dianne Feinstein[4][5][6]?
Getty museum -- What makes it anymore special than the Smithsonian?
because you don't agree with California's tax codes
Not just the tax codes, but the gun laws, the dumb environmental laws, and the rest of the stupidity that I see that happens there.
There is a joke that just seems to become more prevalent every day:
How is California like a box of cereal?
Take out all the fruits and nuts and you're left with just the flakes.
Psychotic.
No -- learn how to take a fucking joke without a fucking <Sarcasm> tag.
[1]www.policymic.com/articles/21868/hollywood-hypocrisy-from-gun-violence-to-tax-breaks-hollywood-holds-a-double-standard
[2] www.youtube.com/watch?v=Tr37b-FYj8g
[3] en.wikipedia.org/wiki/List_of_attractions_in_Silicon_Valley
[4] www.nationaljournal.com/domesticpolicy/how-democrats-got-gun-control-polling-wrong-20130321
[5] swampland.time.com/2013/08/29/feinstein-says-congress-need-not-vote-on-syria/
[6] www.snopes.com/politics/guns/feinstein.asp
Jim P. at September 1, 2013 10:37 PM
"I work in a position where I dealt with individuals relocating to Texas from other states, and I can tell you that New York, Illinois and California are losing large quantities of hard-working and talented people on a steady basis, and a very large number of them are coming to Texas."
Well.
Who do you think allowed those other states to decline?
In my experience, prosperous people simply assume that this and that program can be afforded without their continuous attention.
Watch. The change will start with Texas's capital punishment laws. Tender people from these other locations will decide that no, that's not a good idea.
Radwaste at September 3, 2013 1:22 AM
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