California Legislature Moving to Double Corporate Tax Rate

by CHRISS W. STREET

California’s Democrat-controlled Legislature is moving forward with putting a constitutional amendment on the June ballot to double the corporate tax rate.

Assemblymen Kevin McCarty [D-Sacramento] and Phil Ting [D-San Francisco] announced on Jan. 18 that they will sponsor a constitutional amendment to add a 7 percent corporate tax surcharge for any profit over $1 million.

Although the Tax Foundation listed Iowa with the highest corporate tax rate at 12 percent and California only the 7^th ranked at 8.84 percent, many companies use deductions to cut California’s effective tax rate to the alternative tax minimum of 6.65 percent.

But California has also won Chief Executive’s booby-prize for the Worst State for Businesseach of the last 6 years. The 500-top CEO survey found a “variety of measures of tax and regulatory regime” make California the most expensive state to do business.

Read the rest if the article on Breitbart News

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