Topic > No Gold in the Golden State - 940

The American Dream is becoming less and less achievable in the Golden State, as more and more companies find that the lands of the Golden State are no longer fertile to maintain their operations here or farm any more. The Golden State has one of the highest sales tax rates in the nation, currently at 7.5 percent in 2014, according to information on tax-rates.org. The income tax for the Golden State is also the highest in the nation, making it no longer a hot spot for business growth and expansion. And then there's also a new bill called SB-1372 that will impose a tax on businesses if their CEO reaches a certain multiple of the median of average workers. With all these very business-unfriendly tax rates, it's no wonder why many companies are leaving the Golden State for better opportunities. The lands of the Golden State are starting to lose their luster compared to other states in the nation like Texas, where it has one of the lowest tax rates for businesses. Something needs to be done to keep the gold in the Golden State. California is currently ranked 48th in terms of the best state in the nation to do business in, based on research conducted by Scott Drenkard and Joseph Henchman . The information provided by Drenkard and Henchman was based on Calfornia's business income (31st), individual income (50th), sales (41st), unemployment insurance (16th), and property tax rate (14th) which together make the Golden State only the 48th best state in which to do business. And if that wasn't enough to scare businesses from fleeing, then the new bill called SB-1372 certainly will, since this new bill will require a corporate tax increase on businesses based on.... .. middle of paper ...... let rich people keep their wealth, and basically yes it is, but smart rich people know that you don't get rich just by keeping wealth. It's by investing that money in their own business or starting a new business all together, which would essentially make them more money and create better growth in the Golden State. We should lower our current tax rate in the Golden State to keep businesses here in the Golden State instead of raising it. Raising the tax rate when it is already one of the highest in the nation will do nothing except scare businesses away from other states. With my solution of lowering the sales tax, having an employee based tax break, and giving new businesses some help getting started could potentially help the Golden statistic. This is my solution on how to keep gold in gold state, since everyone wants gold.