09/10/2011 update: In a statement, Brown said: “It’s unbelievable that so many politicians in Sacramento would choose to help cigarette makers and other out-of-state companies at the expense of California jobs.”.
I think you mean “MORONS in Sacramento,” Jerry. Nice try though, maybe it’s just too soon for sanity, clarity and fiscal hygiene in California. Or too late. Maybe we’re just doomed. Well, anyway.
“Gov. Jerry Brown and legislators in the state Assembly have reached a tentative agreement on a $1-billion tax swap that would end a major tax break for out-of-state businesses, lower personal income taxes for millions of Californians and give more incentives to smaller, California-based companies.”
“Among those opposed to the deal is tobacco giant Altria Group. The proposal would change current law, which allows Altria and other large companies to choose which formula to use when computing their state tax liability.
“The deal, reached Wednesday night, would eliminate that flexibility, generating $1.1 billion annually. That money would now be used to increase the standard state income tax deduction by $1,000 per individual, and lower the tax rate on certain state corporations.”
Gov. Jerry Brown, Assembly legislators reach tax deal , by Anthony York, LA Times, September 8, 2011
I think this is good news, yes?