The state of California is broke thanks to liberal politicians. There’s no two ways around it.
Businesses and families are fleeing the Golden State thanks to high taxes.
Now, due to the GOP tax-cut bill, lawmakers are pushing a constitutional amendment that would force companies to turn over half of their tax-cut savings to the state.
Remember how the GOP passed tax cuts that benefitted everyone including businesses that turned those savings into jobs and higher wages? Well, California ain’t having it. The democrats that run the state hate it when they don’t get to take the fruits of other’s labor and waste it on silly crap. California wants to force companies to turn over those tax-cut savings to the state so they can pamper illegal aliens and persecute law-abiding useful people.
SF Gate has more:
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.
“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.”
As a constitutional amendment, the bill would require approval from two-thirds of the Legislature to pass, a difficult hurdle now that Democrats have lost their supermajority. If passed and signed by Gov. Jerry Brown, it would then go to voters for final approval.
Could something like this come to fruition in California? It’s possible.
If so, it will be devastating for employers.