Dem Legislature passes more tax cuts

by John Seiler | June 26, 2014 3:34 pm

Who said California Democrats oppose tax cuts? They long have supported tax cuts for their pals in Hollywood[1].

Now the Democratic Legislature is passing tax cuts [2]for their buddies in the military-industrial complex:

“The California Assembly on Thursday approved a fast-tracked proposal to provide up to $420 million in tax breaks over 15 years for the aerospace industry.

“The bill by Assemblyman Steve Fox (D-Palmdale) would offer credits for an ‘advanced strategic aircraft program.’ The credits would be capped at $25 million annually the first five years, $28 million per year for the next five years and $31 million annually for the final five years.

“The tax credit program would expire after 15 years.

“The tax credits, should they go into effect, could help boost the chances for aerospace companies, such as Lockheed Martin, that are bidding for contracts for the Defense Department’s Advanced Strategic Aircraft Program.

“‘We need to pass this tax credit to make California bidders have a more competitive edge in the bidding process,’ Fox said.”

OK. Fair enough.

But that’s true for the rest of us as well. Everyone knows other states are “bidding” for our jobs and businesses with lower taxes and regulations. Toyota just moved its HQ to Texas.

So what we all need is tax cuts. How about starting by cutting the income tax in half for everybody?

Source URL: https://calwatchdog.com/2014/06/26/dem-legislature-passes-more-tax-cuts/

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