CITY COUNCIL CUTS TAXES FOR LOS ANGELES BUSINESSES
"Why set up shop in Los Angeles if you know you’ll be paying higher business taxes than if you’d opened up headquarters in Torrance, Gardena or Long Beach?" asked Councilman Joe Buscaino this week in Council.
Businesses in Los Angeles will pay lower taxes starting in 2016, with the City Council agreeing Tuesday to reduce the city’s gross receipts tax rate.
The council voted 14-0 to gradually reduce the maximum tax rate from $5.07 per $1,000 of gross receipts to $4.75 by January 2016, $4.50 by January 2017 and $4.25 by January 2018. CONTINUE READING...