California businesses fuming over retroactive $120M tax grab

[tangent4ronpaul]

California's top-end taxpayers -- already steamed over a recent hike in the nation's highest state income tax -- are now fuming over a new $120 million retroactive tax grab on small business owners.

In December, the state's tax authority determined that a tax break claimed over the past few years by 2,500 entrepreneurs and stockholders of California-based small businesses is no longer valid and sent out notices of payment.

"How would you feel if you made a decision, which was made four years ago, (and) you absolutely knew was legally correct and four years later a governing body came in and said, 'no, it's not correct, now you owe us a bunch more money. And we're going to charge you interest on money you didn't even know you owed'," Brian Overstreet told Fox News from his office north of San Francisco

Read more: http://www.foxnews.com/politics/2013/03/19/california-businesses-fuming-over-retroactive-120m-tax-grab/#ixzz2O00RNnSr

-t

[TokenLibertarianGuy]

They should, I'd imagine they'll win, but it's going to cost a lot of money and time.

[BAllen]

What is that, but communism? Rent the business (property tax) to a sucker. Raise the rent. If he doesn't pay, evict him, and rent it to someone else, or provide it to someone else (section 8).

[Kords21]

But, paying taxes is patriotic. They should be thanking their gov't instead of bitching.
(Total sarcasm)

[jclay2]

Is it just me or are they trying to boil the frog a little to fast? I am in the process of purchasing a used vehicle from a private seller in Chicago. The whole thing will probably cost me $500-600 in city/state taxes and fees.

[phill4paul]

Is it just me or are they trying to boil the frog a little to fast? I am in the process of purchasing a used vehicle from a private seller in Chicago. The whole thing will probably cost me $500-600 in city/state taxes and fees.

I don't think they have a choice at this point. Government has spent itself into oblivion and it is doing what it must just to keep going.

[BAllen]

Is it just me or are they trying to boil the frog a little to fast? I am in the process of leasing a used vehicle from the government in Chicago, via a sub letter. The whole thing will probably cost me $500-600 in city/state leasing fees.

Fixed it for ya!
;)

[Acala]

How long before California imposes a tax on savings deposits? Instead of the Golden State, it should be the "Strangling the Golden Goose State"

[qh4dotcom]

But, paying taxes is patriotic. They should be thanking their gov't instead of bitching.
(Total sarcasm) Ha Ha Ha

[puppetmaster]

The California franchise tax board is a dysfunctional POS and will hasten the fall of California