At the Lodi Unified School District board meeting on March 27, Jeff Johnston, president of the Lodi Education Association, asked the school board members to join him in a resolution to support the new tax on "millionaires and billionaires" (otherwise known as employers) being proposed by our governor.
I wonder if Mr. Johnston realizes that we have lost 507 businesses between 2009 and 2011. That is roughly five businesses in any given week.
According to Jon Coupal, Howard Jarvis Taxpayers Association, and John Kabateck, National Federation of Independent Businesses, California's tax climate is the second-worst in the nation. Income taxes are the third-highest in the nation. The 9.3 percent rate kicks in at $46,349 in annual income, and 10.3 percent to incomes over $1 million. Highest sales tax at 7.25 percent, plus local levies in some areas. Fourth-highest capital gains at 9.3 percent. Second-highest gas tax at 65 cents a gallon. There is also the vicious regulatory environment that business has to negotiate.
In February 2012, income tax receipts were down $328 million, or 16.5 percent. Sales taxes were adjusted to reflect an end to the temporary one-cent sales tax hike. Sales taxes in February are $400 million, a decline of 12.4 percent. Tax revenues continue to fall because businesses and successful people (millionaires and billionaires) are leaving California for better tax rates available in more pro-business states.
If we vote for this tax increase, the businesses will continue to leave along with jobs. Less money not more. These are not stupid people. They won't continue to be robbed.