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Long-sought cuts in L.A. business tax advance

Long-sought cuts in L.A. business tax advance

Los Angeles lawmakers voted Tuesday to lower the city's business tax starting in 2016. Business leaders have long argued that L.A.'s business tax rate -- the highest in the county -- puts local firms at a competitive disadvantage. Since taking office in 2013, L.A. Mayor Eric Garcetti has promised to reduce the tax to stimulate economic growth in the city. But faced with a $242-million budget shortfall last year, Garcetti proposed and won City Council approval of a three-year reduction in the tax rate, beginning next year. The changes, which will trim city revenue by $45 million in three years, were formally approved by the City Council on Tuesday. They now await...

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