Free Republic

California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state. 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.

California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state. 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...

...Americans had good reason for not wanting the cost of private precautions against terrorism to become a giant tax on the economy out of rational proportion to the threat. See what this has done in the sad exceptional case of the airlines: Security hassles have made flying even more of a drag while piling up costly overhead on struggling carriers. But the last thing we need is to subsidize a similar indifference to natural disasters.... You would be rightly surprised to learn that normally disputatious climate scientists are in considerable agreement about the growing destructiveness of hurricanes seen over the...