> (1) An annual excise tax is hereby imposed upon a qualified business, as defined by the Legislature, for the privilege of doing business in this state at a ra

> (1) An annual excise tax is hereby imposed upon a qualified business, as defined by the Legislature, for the privilege of doing business in this state at a rate of 2.3 percent of the gross receipts of that qualified business minus the first two million dollars ($2,000,000) in annual gross receipts of that business. This part seems insane. Any business with slim profit margins and out of state competitors is screwed. Also, does this mean multi-state/multi-national companies have to pay 2.3% of their nation/world-wide revenues to California? That's obviously absurd...