California Democrats want businesses to give half their tax-cut savings to state

SF Gate ^ | 1/19/2018 | Melody Gutierrez

[Beave Meister]

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 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.

[Rome2000]

Don't Shoot! Let Them Burn!

[G Larry]

Then Apple can spend the rest of the money kicking these COMMUNISTS out of office.

[nwrep]

You don’t realize how optimal California is for certain businesses...

[DennisR]

These people re insane...no doubt about it.

[MGunny]

They are no longer Democrats . The Cali Politicians have to be called out for what they are Marxists!

[abbastanza]

I don’t feel sorry for anyone who lives there. They must like it or they would move.

[faithhopecharity]

There is no GOP in Californication. And the D rulers have rigged the ballots to, in most instances, list two D candidates with no R

[Ronaldus Magnus III]

Nothing surprises me anymore with the Creepozoid DemocRATS. All money, all sweat, all of it ‘belongs’ to the rulers, and will be delivered to those who agree with their tactics. Just like Obambi, companies are inherently evil. This latest move will invite more companies to leave, less companies to move here, or expand. No wonder Apple will not be investing more of their repatriated funds into Kalifornia.
Unfortunately, the Trump economic boom will forestall Kalifornia’s descent, but eventually enough business will leave, or fail, or both. Perhaps a 3rd or 4th generation Hispanic will attend Hillsdale College and rescue Kalifornia.

[House Atreides]

Apple is incorporated in Delaware but I don’t know how that affects its state tax obligations.

[VeniVidiVici]

“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.”

Huh? Dumbest Democrat statement ever.

[kempster]

New California.

[gogeo]

Venezuela on the Pacific.

[G Larry]

Check out the real estate Apple has in Cupertino, CA.

Apple generates Billions in CA, and CA is very jealous of every nickel earned in that state.

[Kickass Conservative]

>>>I don’t feel sorry for anyone who lives there. They must like it or they would move<<<

Uh, really? Are you saying that the owner of this Site likes it?

Some Conservatives living in CA have Family and Work obligations which makes moving to another State problematic, me for one.

I do admit to liking the Weather though. It’s as nice as it was 60 Years ago when our Family moved here from New York.

[D Rider]

I am sure that will help California business be more competitive. /s

[jim_trent]

They are showing remarkable restraint. I expected they would take all of it.

[Repeal 16-17]

Can we please expel that shithole of a State so that it can become the People's Republic of California. We'll get it back when it economically and politically collapses. Then we can hold it as a territory until it regains its sanity.

In the meantime, every business that can leave California should do so ASAP. California needs to pay for its policies.

[SuperLuminal]

When you see a poisonous snake in it’s death throes, it is difficult to not laugh...

[100American]

What money are you talking about??

[Swordmaker]

Alexander Fraser Tytler – (1747 – 1813) – Professor of Universal History, and Greek and Roman Antiquities – University of Edinburgh:

“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years. Great nations rise and fall. The people go from bondage to spiritual truth, to great courage, from courage to liberty, from liberty to abundance, from abundance to selfishness, from selfishness to complacency, from complacency to apathy, from apathy to dependence, from dependence back again to bondage”.