We have needed an full audit of the Transit Occupancy Tax (TOT) for far too long now. We are losing far too much City income. The Business Tax "cap" needs to be eliminated. It is also costing this City far too much money, and is totally unfair.
There is a well-kept secret that involves the Business Tax "cap". Briefly, this cap entitles the largest volume businesses a maximum in the amount they have to pay each year. Of the 3.035 businesses currently operating, only 47 have this special privelege. For example, the Raleys Store at the Y had 1999 sales of $3.1 million. Of this, they only paid $1500., instead of the $145,000. that would have been owed without this "cap". We are losing hundreds of thousands of dollars every year this goes unchanged.
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