CAN KASHKARI WIN IN CA ON TAX BREAKS, FRACKING?

CAN KASHKARI WIN IN CA ON TAX BREAKS, FRACKING?

A Republican candidate for governor of California is making some sense with his advocacy of fracking, corporate tax breaks and changes in labor and environmental law. He would also redirect money now ear-marked for the high-speed rail system into a better system of collecting and storing water for the state, an issue now getting lots of press because of the multi-year drought California is suffering. An excerpt from the Mercury News article:

Kashkari wants to give any business that moves into California and brings at least 100 new jobs — or any existing California company that opens a new manufacturing plant here — a 10-year break from paying any state corporate taxes on income generated by its new California operation. And Kashkari said he would “assert national leadership” by working with Congress to pass free-trade bills that open new markets to California goods.

Fracking — short for hydraulic fracturing, or using pressurized liquid to break rock formations to mine gas or oil — of the Monterey Shale could create up to 2.8 million new jobs, $223 billion worth of personal income growth, and $24.6 billion in increased state, local and tax revenues, his plan estimates, though another study says it probably would produce far less. Brown has moved too slowly on this and the regulatory bill he signed into law last year allows too much opposition, Kashkari says, vowing to form a task force to speed it up.

One of his more innovative suggestions is that each regulation implemented in the state end on its 10th anniversary, unless it passes muster with an independent state panel. The candidate, Neel Kashkari (you may have seen him on CNBC), will need to be one of the top two vote-getters in the June primary in order to face incumbent Gov. Jerry Brown in November.

This post was written by

Leave Your Comment