California Manufacturers & Technology Association Proposes Three Initiatives to Bring Immediate Relief to State's Faltering Economy.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov. 2, 2001 Today at Governor Davis' Economic Summit at Walt Disney Studios The name Walt Disney Studios may refer to:
Burbank is a city in Los Angeles County, California, United States. As of 2004, the city had a population of 105,400. , the California Manufacturers & Technology Association (CMTA CMTA See: Clearing Member Trade Agreement ) proposed three recommendations to help bring immediate relief to the state's faltering economy. "California is in a dramatic economic decline," said CMTA President Jack M. Stewart. "Manufacturing employment is down 63,000 this year and by more than 10,000 jobs in September alone. The state's unemployment rate has risen steadily for the eight consecutive months, peaking at its present 5.4 percent." "It's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a for the state to implement new policies that will incent in·cent tr.v. in·cent·ed, in·cent·ing, in·cents To incentivize: "would use tax breaks to incent corporations to invest in their future" Scott Canon. investment sooner rather than later," said Stewart. CMTA today will introduce proposals to: -- Implement a Sales Tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. Exemption on Manufacturing, Processing and Telecommunications Equipment -- Reduce Electricity Rates and Provide Customer Choice in Energy -- Declare a Moratorium on New and Increased Regulatory Fees and Taxes These initiatives will comprise the association's focus in the coming months, and were a collaborative effort among CMTA members. "The costs associated with a battered business community are not only measured by stock-tickers and cable financial networks. They are the human toll of jobs that are lost, mortgages that fail and families that go with less," added Stewart. "These measures will restore confidence in every manufacturers' ability to remain productive and allow them to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. in the state's workforce." California's manufacturing sector currently produces: -- 80 percent of state exports -- One sixth of state payroll -- 40 percent higher wages than the statewide average -- And for every manufacturing job, an additional 1-3 jobs are produced "These proposals are common sense ideas that will send a strong message to the largest and most important sector of our economy that the state will provide the critical relief they need to help themselves and help California through this economic crisis," concluded Stewart. |
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