Letters to the editor for Thursday, Oct. 16, 2014
Margins tax adversely affects all of us
The “margins tax” is not a margins tax. It is a gross receipts tax. It will not affect only two percent of the state’s corporations. It will affect every one of us.
Many large firms, grocery stores in particular with their rapid inventory turnover, operate with scant profit as a percent of gross sales. They will be forced to pass the tax directly onto us.
The “margins tax” will not only affect two percent of the state’s corporations and the rest of us, it will also put a damper on those startup firms we so expressly desire. $1 million in annual sales is not a big number even for an initially unprofitable startup business.
The supporters of the “margins tax” may have noble motives, but I will not vote for their measure whose funding is shrouded in lies and deceit. Who knows what such folk will actually do with that money should they get their hands on it?