Garrick speaks to Optimists
California is starting to show signs of economic recovery, state Assembly Republican Leader Martin Garrick said in a March 31 presentation to the Del Mar-Solana Beach Optimist Club.
Garrick said the state’s $21 billion deficit is now down to $19.1 billion thanks to increased sales and income tax revenues over the last two months. He called this an indication that the economy has already hit “rock bottom” and is now on the upswing.
Garrick said last week the Republicans in the State Assembly introduced 17 bills meant to encourage businesses to stay and grow in California. One would eliminate sales tax on manufacturing equipment.
Garrick said California is one of three states that impose a sales tax to businesses on this type of expense. He gave an example of a company spending $100,000 on a new printing machine, and said the $8,000 it would have to pay in sales tax on top of that could be better spent. Only South Dakota and Wyoming currently charge this tax, Garrick said.
“Not exactly growing, wild business states,” he said.
Another proposal put forth by Assembly Republicans is to include business economic impact studies in environmental impact reports. Garrick said it would be a way to quantify effects on businesses in areas that are part of a proposed project.
Garrick said he greatly values a two-thirds majority in the State Assembly because it gives the minority a “seat at the table.” He said there are currently three Republicans holding the state from increasing taxes. When asked if he would still value the two-thirds requirement if Democrats were the minority, Garrick said he absolutely would.
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