In the debate over who should be the next mayor of Los Angeles, who would you suppose argues for elimination of a business tax to kick-start economic growth?
Not the one-time investment banker who dropped out of the race early and says killing the business tax would leave a huge hole in the city treasury. Not the lone Republican in the field, who wants more modest business tax reform. Not a City Council fiscal hawk, also a candidate for mayor, who says cutting the tax could leave the city with a $400-million shortfall.
Instead it's two liberal Democrats — City Controller Wendy Greuel and Councilman Eric Garcetti — pushing what sounds a lot like Ronald Reagan- or Mitt Romney-style "supply side" fiscal dogma. Cut taxes for business, Garcetti and Greuel contend, and the overall economic pie will grow, with benefits trickling down in the form of more jobs for Angelenos and more money in the city's general fund.
-- James Rainey, Los Angeles Times