Driving Away Our Tax Base
Prop 63 proponents want you to think that a 1% tax on millionaires is nothing. But they don’t want you to see the big picture. Owners of small businesses (S Corps) are required to report net income from their business as personal income and pay personal income tax on it. Seven out of ten new jobs created come from these small businesses.
Do we want to overburden this newly recovering sector of the economy with a tax load which could drive them out of the state?
Legislators are already looking at increasing the wealthiest tax brackets—but for the good of all, not just for the enhancement of one special interest group.