YCD received a flyer over the weekend dealing with the proposed city income tax. It was signed off on by many current and former city officials and past mayors. They listed all the reasons this new income tax was needed. Sure they were very vague in explaining the particulars but they did list why they needed this new tax. One thing YCD did not read in the flyers was this:
Businesses will pay a 1% tax on PROFITS. So not only will you and your employees pay on your earnings but your business will pay on the profit you turn.
Funny the pro-tax group never seems to mention this.
YCD knows why, they just wish this new tax increase proposal wasn't simply a give back to home owners and a slap to renters, 67% of our fair city.
The more we learn the more hinky this proposal seems.
YCD might erven be able to support a tax that has ZERO givebacks to anyone, a simple one size fits all tax with no special provisions for some and not others.
We will not be voting on one like that in a couple weeks, sadly.
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That is the first I have heard of that. Whoa.
It makes me think that profit margins in large grocery stores like the big Kroger on Michigan Ave. just east of town are, they say, razor-thin: something like 2 or 3 percent. Now I scale that down to the small businesses in Depot Town. I really doubt something like a cafe or candy or rock store has any margin whatsoever to spare, especially in this economic climate.
On top of having one's own cafe/store wage taxed as well--if you can even afford to take one. A double whammy for business owners, especially small local businesses, seems to me.
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