Source: www.mercurynews.com
"On the face of it, the answer should be a resounding yes," the article opens, yet there are reasons to believe otherwise. For instance, California has many loopholes for the rich, with new corporate tax cuts slipped in by Arnold amounting to $2.5 billion. With our government struggling to meet budget deadline in two weeks, it's no wonder Mercury News calls these tax cuts "ill timed".
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"According to rankings compiled by the Tax Foundation, a conservative Washington, D.C.-based think tank, California is in no position to absorb more taxes. It's ranked as having the nation's third-worst business climate because of its high corporate, individual income and sales taxes. Only New Jersey and New York are worse, the study said."
