Friday, May 2, 2014

ANOTHER TAXING ELECTION!

I have long felt the most egregious and harmful tax to business in the City of Los Angeles is the tax on businesses gross receipts. Even if you have a loss for the year ( i.e: your expenses exceeded your income) you still have to pay a tax on the gross receipts of your business.

Ouch!

Who would have thought that two liberal Democrats - City Controller Wendy Gruel and Councilman Eric Garcetti- would both propose eliminating that tax! Cut taxes for business, Garcetti and Gruel contend, and the overall economy will grow, with benefits trickling down in the form of more jobs for Angelinos and more money in the city's general fund.

Kudos for them!

It's almost certain that one of these two contenders will win the upcoming runoff election for mayor, so it will be very interesting to see if this is one campaign promise that is kept. I'm sure all of you would agree, that this would be a real boost to businesses in Los Angeles.

Re-posted from our newsletter originally sent on 4/25/2013