CA legislators propose nearly doubling state corporate tax to offset Trump corporate tax cut

CA legislators propose nearly doubling state corporate tax to offset Trump corporate tax cut
Image: WH.gov video screen grab

[Ed. – That’ll show someone … something.]

A pair of California lawmakers want to claw back some of steep tax cuts that corporations will receive under the federal tax overhaul signed last month by President Donald Trump.

Democratic Assemblymen Kevin McCarty of Sacramento and Phil Ting of San Francisco announced Thursday that they will pursue a constitutional amendment to add a surcharge on large companies that do business in California, potentially raising billions of dollars to expand social services for Californians.

“We’ve seen enough billionaire justice from the presidency,” McCarty said in an interview. “It’s time for middle class tax justice.”

Trump’s plan reduced the federal corporate tax rate from 35 percent to 21 percent, which Republican and business leaders hailed as an incentive for a surge of capital investment and job growth. But Democrats denounced the change as a giveaway to the wealthy that would grow the national debt and require future cuts to welfare programs such as Medicaid.

(h/t Byron York)

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