High State Taxes Repel Jobs & Businesses –Image: Art Diamond
(FOX News) California job creators already steamed over recent tax hikes are now fuming over a decision that retroactively scraps a two decade old tax break, slapping taxpayers with bills for back taxes and interest going back to 2008
According to The Press Enterprise California’s Franchise Tax Board sent out about 2,000 letters, alerting taxpayers that the two decade old tax break which permitted business owners, investors and others to exclude from state taxes 50% of their capital gains in stock companies that had at least 80% of their employees and assets in California, which was to spur investment in small and start-up California companies, would no longer be allowed retroactively.
This latest tax grab by regulators, only serves to add to the state’s unfriendly business image.
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