Today I called upon the Governor and Legislature to enact a six month interest and penalty holiday to help struggling small business owners and other taxpayers who have fallen behind on tax payments during the recent economic downturn.
The state’s job is to collect taxes, not penalties and interest. Too often heavy penalties and punitive interest charges actually make it more difficult for struggling taxpayers to catch up on late payments. If we want more jobs, we need to help California’s job creators get back on their feet.
Instead of increasing taxes or cutting vital programs, we ought to learn from the experience of other states where these programs have successfully raised millions of dollars. I believe a California program would generate several billion dollars of revenues for state and local government.
A tax interest and penalty holiday would be a win-win for both California’s job creators and state coffers.
Below is the text of my letter.You can find mypress release here.
June 10,… Read More