Two Democratic state assemblymen want to raise the state’s business taxes in response to President Trump’s federal tax overhaul.
Assemblymen Kevin McCarty of Sacramento and Phil Ting of San Francisco introduced Assembly Constitutional Amendment 22 Thursday that would raise corporate taxes on California companies with revenues higher than $1 million. The state tax hike would be for an amount equivalent to half what they received from the federal tax cut.
“I’ve seen enough billionaire justice in the first 11 months of this presidency to last my lifetime,” McCarty said in a statement. “At a time when reckless federal tax policy favors billionaires over middle-class workers, ACA 22 will help ensure that California can continue to grow and support middle-class families throughout the state.”
McCarty and Ting’s proposal faces long odds. It requires supermajority support in both houses of the Legislature and, if passed, would also need voter approval on the November 2018 ballot.
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