California Democrats want businesses to give half of tax-cut savings back

The windfall that businesses in California are expected to see with the federal tax overhaul, has two democratic assemblymen proposing a bill that would require businesses to turn over half to the state.

Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, are looking to create a tax surcharge on California companies making more than $1 million. That money would go to programs that would benefit low-income and middle-class families.

In a statement, Ting said, “Trump’s tax reform plan was nothing more than a middle-class tax increase. 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 bill would require approval from two-thirds of the Legislature, which is unlikely.  

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