CHARLOTTE LAWS - DREAM AND ACHIEVE TOGETHER
TAX REFORM PROPOSAL
By winning a key council committee’s approval today for their comprehensive business tax reform proposal, Councilmembers Wendy Greuel and Eric Garcetti made the most significant advance to date in their campaign to reduce the overall tax burden, simplify the system, and provide investments in the local economy.
“This is a great day for both businesses and workers,” said Wendy Greuel. “Finally we have a business tax reform package that will attract business, create jobs and invest in Los Angeles’ economy. Business tax reform is doable. There is nothing that should stop city leaders from passing the Greuel-Garcetti reform proposal.”
“Los Angeles is at a crossroads,” said Eric Garcetti, “and through hard work, we’ve finally found the right way to go. Through study and debate, we’ve made our case, and we’ve made it a strong one: Business tax reform is necessary. It’s affordable. And it’s a wise investment in the future of our economy.”
The Greuel-Garcetti proposal, as passed out of the Ad Hoc Committee on Business Tax Reform, will:
The Greuel-Garcetti proposal provides a total of $92 million in
tax relief. It pays for itself by using a combination of Tax Reform Trust Fund
monies, increased compliance, and growth in business tax revenues.
The reform proposal will be heard by the Budget & Finance Committee before going to the full City Council for final passage.