Democrats in the Legislature say the tax would apply to just 0.2% of corporate tax filers.
signaled that he wouldn't support it — setting the stage for what could be a cycle of bruising negotiations as state leaders edge closer to the June deadline for agreeing on a budget.by state lawmakers would raise the corporate tax rate on the state's top earners while cutting taxes for smaller businesses. The plan would trim the state's flat corporate tax rate of 8.84% down to 6.63% for all companies on the first $1.
“Our plan preserves the important advancements California has made toward a more equitable and sustainable economy while continuing the responsible budgeting that builds our reserves and rainy day funds to protect California if we face continued economic challenges,” she said.
“Governor Newsom cannot support the new tax increases and massive ongoing spending proposed by the Senate today,” the statement said. “It would be irresponsible to jeopardize the progress we’ve all made together over the last decade to protect the most vulnerable while putting our state on sound fiscal footing.”
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