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Wow, I wouldn't want to own or run a business in California. I would move out of state for sure.
California has allowed a diminished rate on capital gains tax for sale or exchange of qualified small business stock. In order to qualify for the discounted rate, businesses needed to show that at least 80 percent of the company’s assets were located in California, and that 80 percent of the payroll expenses were spent in the state.
Now California businesses are receiving tax bills for 5 years of back taxes.
You'd have to have lived there to understand how punitive the California Franchise Tax Board can be. They're awful! It must have killed them, when we finally escaped the state, to have to send us the $3.72 tax refund check we received. I framed it!
Somehow, leftists don't see this as armed robbery.
Actually, this leftist thinks it's ridiculous that the state is trying to take back a legal tax break years after the fact. It's total crap and I hope the business owners sue the crap out of them.
I think we should give California to Mexico and let them deal with it.
You want to give Mexico a huge chunk of the US GDP? Yeah, that makes no sense.
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