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.”

Trending: Student wrongly arrested for rating female classmates on Twitter

Continue reading →

For your convenience, you may leave commments below using either the Spot.IM commenting system or the Facebook commenting system. If Spot.IM is not appearing for you, please disable AdBlock to leave a comment.

Commenting Policy

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please hover over that comment, click the ∨ icon, and mark it as spam. Thank you for partnering with us to maintain fruitful conversation.