Donald Trump gave corporations a big tax cut. California Democrats want to take some of it
Citing a tax windfall that major corporations received through President Donald Trump’s 2017 tax law, California Democrats on Monday unveiled a plan to levy a steep tax hike on the state’s most profitable businesses.
Sen. Nancy Skinner, D-Berkeley, is the primary author of Senate Bill 37, which would raise the minimum amount of tax collected for the top 0.2 percent of companies that do business in California.
“Corporate profits are at an all-time high, yet the portion of tax revenue California receives from corporations is at close to its lowest point in 40 years,” Skinner said in a statement announcing the bill. “SB 37 just asks corporations to pay their share, so we can cut income inequality and help fund our kids, our teachers, and our schools.”
Her bill marks the second time that California Democrats have called for new taxes on corporations since Trump’s tax law took effect. Last year, Assemblymen Phil Ting of San Francisc, and Kevin McCarty of Sacramento proposed a constitutional amendment to create a new business tax. Their proposal died in a committee.
Read more: https://www.sacbee.com/news/politics-government/capitol-alert/article228969174.html