Why are banks allowed an exemption from paying a business license fee in the city of Torrance, California? As I have pursued an answer to this question I have learned that banks are also exempt from business license fees in many cities throughout Los Angeles county, and probably beyond. Why? I have not found any clear, logical, or acceptable explanation so far. I welcome an explanation that makes sense, no matter how egregiously unfair. The problem is that no one seems to really know when this cozy deal was made, why it was made, or why it is continuing. I suppose it has to do with some broken promise about banks equating with prosperity and easier access to credit for small businesses and homeowners. But, by the looks of today’s news and the dismal economic situation for the majority, including those in the city of Torrance, any promise by Banks that a good deal will follow from such an exemption is a lie.
I ask for any reasonable explanation for this glaringly suspicious deal that benefits banks but no others—especially now when municipalities are crying and cutting because they complain about empty coffers. Further, how many other mega-corporate “job creators” are enjoying cozy yet unspoken deals with cities, counties, states, or the federal government?