Tuesday, February 26, 2013

TERRIFYING California Retroactive Taxes

If California-based firms aren't generating enough in revenues, while the state will just tax earlier generated income.

CNN reports:

The California tax that terrifies tech 
 Entrepreneurs and investors in California can expect to receive a rude shock in the mail if they sold their company in the last four years. Not only did the state's Franchise Tax Board (FTB) eliminate a tax break on capital gains for small business owners and investors, it announced the tax would be reinstated retroactively. This means those who benefitted from the break can expect a bill for unpaid taxes, plus interest, stretching all the way back to 2008.

9 comments:

  1. That's disgusting and terrifying at the same time.

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  2. They forgot to say "May I?".

    These are the same folks who harass retirees who have moved to other states for not paying tax on their retirement pensions "because the contributions were earned income in California"!

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  3. With each new egregious transgression of common sense, general practice, and established law, I say to myself: 'This is the one. This is the one that people are going to react to and the defenestration of the politicians will begin.'
    But then I remember that in the minds of most people, it is always about 'that other group' (usually the 'rich'); no cost, only benefit. Comforted, they return to their somnambulism, happy in the knowledge that they are safe and being cared for by individuals who are doing it all for them.

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    1. "they are safe and being cared for by individuals who are doing it all for them."
      Wait!! We're NOT????

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  4. The answer is: we're going to steal all the money we can get our hands on. The question is: how do we make it look perfectly legal?

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  5. Maybe all these crony tech guru in Silly Valley will learn what it means to be a liberal...

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