L.A. is a Taxing Place to Live
September 17, 2009
Los Angeles, California like many other cities in this economy is struggling financially. So much so, that city officials decided to institute an amnesty program for business owners that owe years of taxes. The program ran from May 1 to July 31, 2009 and allowed businesses to pay those back taxes without the normal penalties, potentially running as high as 40%. The program, which was expected to bring in $10 million dollars, instead raised $18.6 million, and was deemed a success by Mayor Antonio Villaraigosa. However, the city is still considering cutting jobs and issuing furlough days for city employees in an effort to close its $405 million budget gap and avoid bankruptcy in early 2010.
Los Angeles recently earned a big payday
Getting funds from businesses that went astray
Officials are filled with glee
At this successful amnesty
But the city budget is still in disarray
Tags: $10 million, $18.6 million, $405 million budget gap, amnesty program, Los Angeles California, Los Angeles near bankruptcy, Mayor Antonio Villaraigosa
Posted on: September 17, 2009
Filed under: Other
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1 Comment
Sally
September 17th, 2009 at 6:45 pm
…and those who paid on time are in dismay!
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