On Tuesday The DVA and City Council had a 2 hour meeting at a restaurant in downtown Vernon. Despite my request to have the City bring up the matter of a small business tax break with the DVA it was not done.
Full Rant by Don Quixote (excerpt below)
JULY 24/2006 Suggested that the council bring up the subject of raising the business tax exemption from $10,000 to $50,000 with the DVA at their upcoming meeting. This exemption is in the bailiwick of the Province but if it was championed at UBCM and ministerial meetings then it might be the way to help small businesses in our city
July 11/2005 Don Quixote presented this idea for a small business property tax break at the last council meeting July 11/2005 They were asked to check the numbers and the feasibility of this proposal and to endorse its implementation to the Provincial Government through our local MLA. I maintain that the local small businesses (drug store, local pub, local radio station or locksmith) should be taxed at a different rate than the big businesses (banks, Walmart, Staples etc.). I was told that this was not allowed by provincial regulation. On closer examination I discovered that the big businesses were already paying at a higher effective rate than the smaller ones and had been doing so since 1984. In 1983 there were no exemptions to property assessments. In 1984 the first $10,000 of property assessment has been exempted and this continues to this present day. Now if the total amount to be taxed to the entire business class is a hypothetical $1,000,00 than the tax charged to the individual businesses changed from 1983 to 1984. It is obvious that a $10,000 exemption is worth more to a small owner whose property is assessed at $100,000 (10%) than the big owner whose property is assessed at $1,000,000 (1%) PLEASE TELL ME WHAT IS WRONG WITH THIS PROPOSAL. THERE WOULD BE NO EFFECT ON THE RESIDENTIAL TAXPAYER.
No comments:
Post a Comment