California Democrats want businesses to give half their tax-cut savings to state

 

In California it’s probably get out, or get THEM out. But I don’t see the vast California crony class going anywhere anytime soon. They have Sacramento locked down.

(From SFGate.com)

California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state.

A proposed Assembly Constitutional Amendment by Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, would create a tax surcharge on California companies making more than $1 million so that half of their federal tax cut would instead go to programs that benefit low-income and middle-class families.

“Trump’s tax reform plan was nothing more than a middle-class tax increase,” Ting said in a statement. “It is unconscionable to force working families to pay the price for tax breaks and loopholes benefiting corporations and wealthy individuals. This bill will help blunt the impact of the federal tax plan on everyday Californians by protecting funding for education, affordable health care, and other core priorities.”

“Trump’s tax reform plan was nothing more than a middle-class tax increase” – OK. Well then why is it that the vast majority of middle class people will enjoy a tax DECREASE this year? By the way Assemblyman Ting, as we predicted, the tax cut is only getting MORE POPULAR with time. And people haven’t even felt the cuts really yet.

The truth is, the political class wants what it wants and it thinks that it, not the productive private sector, is the one in charge.

That has got to change or California is just going to continue as it has.

Click here for the article.