BULLETIN
Small Business Tax Hike?
Is California Going To Do It Again?
ALERT: A pending business tax hike could be imminent!
Sacramento has kept the details murky but may be preparing to go gangbusters after the November election. Will Sacramento shift the burden of long-term care to the backs of businesses and their employees? Washington State has already passed and implemented their version of tax hike AB 567, resulting in raised taxes.
Now, Alaska, Colorado, Hawaii, Illinois, Michigan, Minnesota, Missouri, New York, North Carolina, Oregon, Pennsylvania, and Utah are lining up to follow the Washington model.
Didn’t we just have a tax hike?
Yes. Starting July 1st, it looks like your home energy bill will be calculated based on your income in addition to your usage.
Let me ask you an honest question: When was the last time California walked away from a tax hike, leaving your money on their table?
AB 567 could show up at anytime; get in touch with a consultant now: Click Here
ALERT: California’s proposed payroll tax for long-term care is based on the model already implemented by the state of Washington, with rates varying from 0.6% for lower benefits to a possible 3% for higher benefits, and an a possible income cap of $400,000.
- 2019, AB 567 (Calderon, Chapter 746, Statutes of 2019) established the Long-Term Care Insurance Task Force (Task Force) in the California Department of Insurance (CDI) to investigate the possibility of launching a statewide insurance program for long-term care services, but details remain undisclosed.
- 2022, The Long-Term Care Insurance Task Force was directed to issue a feasibility report outlining several options for establishing the program including an actuarial report, along with a final recommendation for the California Department of Insurance.
- 2024 – January 1, CDI shall, in order to ensure an adequate benefit within a solvent program, produce an actuarial report of the recommendations made by the Task Force. Currently, California is edging closer to potentially enacting a long-term care payroll tax shouldered by employers and employees.
- 2024 – March, The Task Force recommends including a private insurance opt-out provision, with details on eligibility and implementation currently being finalized. Despite providing recommendations legislation has not yet been introduced or passed.
Let me ask you an honest question: When was the last time California walked away from a tax hike, leaving your money on their table?
If California follows through with their plans for a tax hike on small business and employees, how will the tax hike impact your business?
➔ I want to share with you how other businesses are preparing today for tomorrows’ economic and sociological challenges……
I know you’ll be shocked!
Taking proactive steps in advance, along with making well-informed choices are crucial. Utilizing Tax Deductible Business Estate Plans, privately insured Long-Term Care Plans, and with a well-structured lifetime income retirement strategy you can effectively prepare for a strong future.
I have a lot more information I’d like to share with you! Let’s have a quick 3 minute phone chat, I know you won’t be disappointed.