Posted on 08/20/2013 10:26:37 AM PDT by matt04
Small-business investors in California were promised big breaks five years ago, but now they’re being told to pay up, instead after a court ruling.
After following the law, many of them are getting hit with tax bills as high as $250,000.
“When we make a promise, we have to uphold it,” said Sen. Ted Lieu, D-Redondo Beach.
But that is not what the state government appears to be doing. Small-business owners are getting hefty tax breaks for tax credits they already got five years ago.
“They relied on California law as it was written, that they would get a tax break if they invested in certain kinds of businesses,” Lieu said.
But a court ruled in December that practice by the state was unconstitutional. Now, the Franchise Tax Board wants its money.
And it’s killing small businesses, says Ken DeVore, with the National Federation of Independent Businesses.
“It sends a message that you can’t trust government. If you comply in good faith with the rules, they can go back and penalize you.”
(Excerpt) Read more at sacramento.cbslocal.com ...
Just another reason for CA to be split up into 3 or 4 states. What a lunatic asylum.
Low information voter there. I'd say he's behind the curve by a good measure.
California is the communists dictatorship of the world. Not just America but the world. California is leading America to a land of dictatorship, greed by the ruling class, and illegals. So goes America, which is finished and will never be a constitution land again. When the riots begin, like Spain, asses will roll in their own crap and will take many of us with it. Lock and load and hold off until the crash or when some ass comes to take your gun away.
LOL! So they want to scare away the few people left doing business there? Great move.
How about following the blue/red line down the shore line and split it in two? See how long the coastline lasts.
http://www.politico.com/2012-election/map/#/President/2012/CA
That map makes me shudder. Glad we bugged out years ago.
Soon all departments of government will exist for the sole purpose of collecting taxes.
The People’s Republick of Konnecticut, my current state.
http://www.politico.com/2012-election/map/#/President/2012/CT
“Investors who could be hit by the retroactive taxes did not want to go on camera, fearing they would become an easy target for the Franchise Tax Board.”
You're only getting the message now? I think that was first pressed into clay tablets by the Sumerians.
Suckers.
The California Franchise Tax Board is, if even possible, worse than the IRS.
It took 5 years for the Franchise Tax Board to shop for a judge? You'd think they have one standing in the wings ready to strike the law down.
I know, I lived in CA until last year.
I left long before you did but I know that place well. One time they even tried to tax retirement for the portion of the retirement earned in Cal. Can you beat that one? I would not doubt they want to remove as many guns and as much ammo from the public there as possible because when the shooting starts, they will be number one.
I know they did. I worked with a public employee union and they were outraged that a person could save in a 401(K) tax deferred and then leave the State without paying their “fair share”. (Which is exactly what I did)
They should all just close shop.
Obama has made his preference for big business easily controlled by government and shakedowns by liberals than small business too
Tribute must be paid.
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