Nation’s Highest Tax Rate Plagues State’s Small Businesses

From The Riverside Press-Enterprise:

California is a tough place to do business. Small businesses in particular suffer from taxes and regulations higher than in most states. On April 22, the Small Business and Entrepreneurship Council, a think tank, released its latest Small Business Tax Index. It ranked California dead last, with the highest tax burden of the 50 states.

The index fingered California for imposing the most punitive income and capital gains tax rates. In addition, almost any small business must pay an $800 state franchise tax just for doing business – even if it never makes a profit.

Small businesses also will be hurt by the state minimum-wage hike in July to $9 an hour from $8; and to $10 in 2016.

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