Democratic leaders push to end some tax loopholes - California

[Kadie]

Democratic leaders push to end some tax loopholes

By Alexa H. Bluth -- Bee Capitol Bureau
Published 5:17 pm PDT Tuesday, April 27, 2004

Democratic leaders said Tuesday they will press to eliminate some of the state's tax breaks for corporations and individuals before they will agree to make cuts to state services.

A handful of lawmakers, joined by Democratic state Treasurer Phil Angelides, said they plan to make the issue a key point in budget negotiations with Republican Gov. Arnold Schwarzenegger this year.

"As this budget debate gets going in earnest, we intend to fight very hard to close the unjustified corporate tax loopholes that have riddled our tax code and are now costing us billions of dollars," Angelides said.

Democrats argue newly approved tax incentives and breaks have contributed to the state's recent budget problems. Republicans, meanwhile, say eliminating the tax cuts would amount to a tax increase on businesses, residents and farmers.

more... http://www.sacbee.com/content/politics/story/9076558p-10002427c.html

[jcldragon]

1. Closing loopholes

At the federal level, I understand that 61% of corporations pay no taxes at all.