Posted on 03/04/2011 5:36:20 PM PST by george76
Yes, in New York, there's a "capital tax" -- a tax on money you have in the bank.
New York, apparently, wants to encourage companies to take as much risk of bankruptcy as possible, by raising or retaining as little cash as possible, so it taxes them on cash they have in the bank.
And we raised a whopping $3 million last summer, and we still have it in the bank. So that means we have to pay New York $10,000 of "capital tax" as punishment.
Never mind that we've created 45 new jobs in New York and that most of our employees pay taxes in New York. Never mind that, if we cut it to close to the line and went bust, all of these jobs and taxes would disappear. Never mind that we're not exactly coining money around here.
(Excerpt) Read more at businessinsider.com ...
Hey, New York, Thanks For Socking Us With This Ridiculous "Capital Tax" -- Way To Support Startups
We can do business in NYC including travel and still be cheaper than companies based in NYC.
shhhh don’t tell the NYC govt.
Why you doin’ business in NY, Sucker?
oddly this does not come as a surprise after all these years of the government / mobs / unions paying and saying NYC is a great place and the core of the american universe.
Here is a thought, why not pick the poorest Republican dominated state in this great country and advertise that they have the best place to build business... and make it so.
EL
Isn’t that like an ‘undistributed profits tax’ like FDR used?
Leftists are full of self deception.
One big lie they are telling themselves now is, “The recession is over and businesses are doing great, and the reason there are no jobs is because EVIL corporations are sitting on BILLIONS of dollars they aren’t spending”.
So if they tax them for not spending, they will produce jobs! Makes perfect sense - to a lefty.
How long do you think it will be before they do this to private citizens?
Capital is capital. If it is in the bank, the bank is usually loaning it out in some form (buying bond issues or direct loans) to somebody who will invest it.
If I didn’t know that libtards want the government to own all the capital, I would think they are stupid. Then again, they are stupid for being libtards.
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