It appears that the governor and legislature have heard the objections to the service tax. The morning paper headlined that the service tax would be repealed and, in its place, a higher business tax... a 22% surcharge for the next 10 years. So, one onerous tax is replaced with another.
As I wrote on November 7,
Therefore, it is unlikely that the service tax will be repealed without a pound of flesh being taken elsewhere.Now a difficult environment for businesses is made more difficult... in just another way.
By the way, take a look at your next pay stub in December. You'll see that some of your take home has now become take out.Although businesses do it all of the time, when is the last time you saw a state or federal budget reduced from one year to the next... even when it is appropriate to do so?
Never....
..