Whoo-hoo! Jerry Brown is about to rock the state! In a good way.
“Gov. Jerry Brown has a new tax proposal to sell the Legislature: raise levies on some large out-of-state corporations in exchange for new sales-tax exemptions for companies who make products and hire people in California.
“Under a plan to be unveiled in Sacramento on Thursday, Brown will ask lawmakers to revert state sales tax formulas to the way they were computed before 2009. (Yeah, Arnold was governor then, remember? Grrr.) That would force many large companies that sell their goods in California, but do not employ many Californians, to pay more in sales taxes.
“The request was part of Brown’s original budget plan that was rejected by lawmakers. What’s new is how Brown wants to spend the roughly $1 billion that the tax tweak would generate. Instead of using the money for general state spending, Brown wants to give new tax credits to companies that employ people in California.”
Gov. Jerry Brown to propose California corporate tax changes, by Anthony York, LA Times, August 24, 2011
The Chamber of Commerce will scream, but let them, they seem to enjoy it so much. Jerry Brown is a genius!
Sorry about the bolding but this is important to me.