Press Release
From: Valley VOTE

Date: 5/5/04

Valley VOTE Press Release
Greuel-Garcetti BusinessTax Reform Proposal - April 12, 2004

The Board of Directors of Valley VOTE has voted
to support the more aggressive April 12, 2004
Greuel-Garcetti Business Tax Reform Proposal

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For years the Valley VOTE organization has recommended
major changes to the Los Angeles Business Tax Structure.
A front page story with a major headline in the Daily News of
Nov.30,2003, is recent evidence of this ongoing argument
from Valley VOTE to the Mayor and the City Council of L.A. to
radically reform L.A.'s tax on businesses. By convincing the
business community that elected officials are committed to
real change, the business climate will take a favorable turn,
and consequently, the financial conditions within the city will
ultimately improve.

On April 12,2004, Wendy Greuel and Eric Garcetti had a press
conference and issued a press release with their proposal for
Business Tax Reform. They were joined at the press briefing
by councilmembers Tom LaBonge,Jack Weiss, Dennis Zine and
representatives of business organizations throughout Los
Angeles including leaders of BTAC and Valley VOTE.

Most of the elements of this new Greuel-Garcetti proposal are
based upon the BTAC recommendations that have already been
approved by the Valley VOTE Board. A Press release indicating
strong support for the BTAC proposal was issued by Valley VOTE
on March 8,2004.

The major difference between the two Business Tax Reform plans
is the annual tax rate reduction. The BTAC recommendation
proposes a 3% annual decrease resulting in a 15% cut in 5 years.
The Greuel-Garcetti proposal is more aggressive at a 5% annual
rate reduction leading to a 25% lower tax in 5 years with a review
at that time to consider providing an additional 25% decrease
over the following 5 years.

For questions, comments, or further information contact Joe Vitti by
Email at javittisr@cs.com or write to Joe Vitti- President of Valley
VOTE at 14622 Ventura Blvd. #424, Sherman Oaks,Ca.91403



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