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Colorado Gains When California Loses.


CofCC.org News Team

California businessmen voting with their feet.

To help fix a massive budget deficit, the State of California is borrowing $15 billion, and adding about $15 billion in new taxes. California has one of the highest state income taxes, the second highest gas tax, and the highest sales tax in the nation. All three of the huge taxes will be raised even higher.

There will be 1 billion in tax breaks for businesses. However, the break will primarily only effect huge multi-state and multi-national businesses. California’s high taxes are causing businesses to flee.

Colorado appears to be one of the major benefactors of the sinking ship that is California. In fact the Metro Denver Economic Development Corp sent Valentines day cards to 500 executives in California. They even launched a website COLovesCA.com, aimed at luring California big business into Colorado.

When California began massive new regulations and taxes on businesses, they didn’t seem to consider that there are 49 other states that these businesses can simply move to.

From COLovesCA.com…

Businesses thrive here. Is it our highly educated workforce? Or our business-friendly environment? We think it’s a combination of both.

After all, who are we to argue with Forbes magazine? It ranked Denver #1 for growth and labor prospects. Our flat corporate tax rate of 4.63 percent coupled with a single factor corporate income tax structure rewards investments and business innovation. Our business-friendly government is constantly embarking on new incentives to make doing business in Colorado easier and more profitable. And our significant investments in infrastructure ensure that your company will continue to thrive.

According to the San Fransisco Chronicle, $985million in venture capital invested in Colorado last year came from California. Recently the Nevada Development Authority told the Wall Street Journal, “What’s going on in California is very exciting for us because it looks like a tipping point will soon be reached.”