from Armstrong Economics:
California small business owners and investors are facing $120 million in back taxes after a 20-year-old tax exemption was struck down by an appeals court last year. That’s right. Government always wins. They make a mistake, and you still pay. We would be better off with the Mafia in charge – at least you can negotiate with reason.
Since 1993, California provided that you paid only half of the capital-gains taxes due on sales of stock in businesses with less than $50 million in gross assets. The hitch was that the business must keep at least 80 percent of payroll costs and assets in the state. In August 2012 the tax exemption was ruled unconstitutional ob the basis it interfered with interstate commerce.
Please follow SGT Report on Twitter & help share the message.