Talk:Props 2010/24/

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Yes on Prop 24 from Bill Balderston

From Bill Balderston:

Prop 24- corporate tax loopholes ---YES, YES

    While this is an initiative that attacks regressive tax distribution, it is one that never should have been necessary. The corporate tax loopholes (equating to nearly $2 billion) that it is designed to halt (before full implementation this fiscal year) were all agreed to by both the GOP and Democratic leaderships at the end of last year's (February 2009) budget chaos, even while facing more than $20 billion in deficit. There are three main features to Prop 24:

- it repeals a law that allows business to shift operating tax losses into the past and future; - it repeals a law that allows corporations to share tax credits with affiliated corporations (87% of these monies would go to 0.03% of California corporations, all with gross income over $1 billion) - finally, it repeals a law that would allow multistate businesses to use only sales-based income and not have to include property and payroll.

This proposition has been largely initiated by the California Teachers Association, with much help from the California Tax Reform Association. We strongly urge a "Yes" vote on Proposition 24.