CA Dems propose state amendment to seize half of businesses’ tax-reform savings

CA Dems propose state amendment to seize half of businesses’ tax-reform savings

[Ed. – I think they’ll find the worm has turned on this, and voters won’t agree to it.  (As a constitutional amendment, it would have to go to a referendum vote.)  But Texas, Arizona, and North Carolina would have another reason to cheer.]

Democrats in California have proposed an amendment to take half of the tax savings businesses in their state get from the recently-passed federal tax cuts.

California would seize the savings via a proposed “tax surcharge” on any tax reform benefits, The San Francisco Chronicle reports:

“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.”

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