THEY DID WHAT? California Dems To Penalise Businesses For Having Tax-Cut Savings


Under the federal tax overhaul, businesses are expected to benefit greatly, and state governments don’t want to miss out on all this free money, so California is trying to introduce a bill which would require California businesses to pay half the taxes from the money they would be saving from the tax bill, to the state government.
Phil Ting, D-San Francisco, want to create a tax surcharge that would require companies saving over $1 million from the tax to give half that to the state.

“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.”

The amendment would need two thirds majority in California to pass, which might be more difficult now because they don’t have the super majority they had in the past.

Democrats lost their supermajority following resignations of two Assembly Democrats, Matt Dababneh of Encino (Los Angeles County), and Raul Bocanegra of San Fernando Valley (Los Angeles County) amid sexual misconduct allegations.

California lawmakers tried to do everything in their power to keep the tax bill from passing, and now that they are realizing that California companies are going to be saving millions of dollars, they want in on it and it’s sad.

If California does this, who is to stop another state from doing something similar? Taking a bill that is supposed to increase the wealth of the Federal government, and altering it so they can benefit.

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