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CA Chamber of Commerce Positions On Proposed Initiatives
CA Chamber of Commerce Positions On Proposed Initiatives
Tax Initiatives
The CalChamber Board of Directors has voted to oppose both the California Federation of Teachers (CFT) and Molly Munger tax initiatives. The CalChamber is opposing these measures because each would heavily impact small businesses, which are the source of most new jobs, by imposing steep, new taxes. Targeting taxes on job creators will hinder job growth in California at a time when unemployment in the state is 10.9%. The CFT proposal would amount to a permanent 48% tax increase on the people who currently pay 40% of the income taxes collected in the state. The Munger initiative is a virtually permanent tax increase that would make Californias top marginal income tax rate the highest in the country. These proposals would further hurt Californias competitiveness and discourage capital formation and business growth. These two measures create huge personal income tax increases on California businesses and job creators that will result in harm to our economy and increased volatility in a tax structure already too dependent on personal income taxes, said Allan Zaremberg, President and CEO of the California Chamber of Commerce. There is little doubt that if passed, either of these measures would result in some people deciding to move their residency out of California resulting in lower tax collections.
103. This measure calls for special interest reforms of a large and complicated health system without the input of patients, doctors, or hospitals. It fails to take into account the major causes of rising medical care costs. Instead of solving the problem of the rising costs of health care, this measure would create another state bureaucracy at a time when we can least afford it, said Zaremberg. Ultimately, it will be paid for with higher health insurance premiums.
The California Chamber of Commerce (CalChamber) is the largest broad-based business advocate to government in California. Membership represents one-quarter of the private sector jobs in California and includes firms of all sizes and companies from every industry within the state. Leveraging our front-line knowledge of laws and regulations, we provide products and services to help businesses comply with both federal and state law. CalChamber, a not-for-profit organization with roots dating to 1890, promotes international trade and investment in order to stimulate California's economy and create jobs. Please visit our website at www.calchamber.com. #####