California Proposes Tax to Take Savings from Trump Tax Plan

california trump taxes
SAN FRANCISCO, CA-JUNE 25: California Gay Pride flag colors on display during San Francisco Gay Pride parade on June 25, 2017 in San Francisco, California. (Photo by Meera Fox/Getty Images)

Thank God for the liberals running California into the ground – because Texas has acted as a magnet for residents disgruntled with how their state is run. It’s a massive jump ideologically to a solid-blue state to solid-red state, but that’s how migration is trending between states. Hundreds of thousands of people each year leave blue states to move to red states, and the high taxes are a major reason why.

President Trump’s tax plan has put those tax-and-spend blue states in an even more precarious position with his tax reform package, because it caps deductions on write-offs for state and local taxes. Not only that, liberals in California in particular have to admit that this tax package is good for business – because they want to implement a “Trump Tax Plan” Tax.

According to the San Francisco Gate,

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 Democrat Assemblymen Kevin McCarty, and Phil Ting 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.”

It’s a blatant lie that the tax plan raises taxes on the middle class – the plan will save the average middle class family a little north of a grand per year.

But as we’ve seen from hundreds of companies raises wages and giving out bonuses in response to tax reform,  much of the benefit could be indirect, with companies passing their savings onto their workers.

While Democrats like Nancy Pelosi are calling those bonuses (typically ranging from $1,000-$2,000) “crumbs,” she was happy with a “$40 a week” stimulus when it came from Obama.

You know, you can buy a heck-of-a-lot of crumbs with an extra $1,000 a year.

Share this story if you think California is destroying its economy by opposing the Trump tax cut!

By Matt

Matt is the co-founder of Unbiased America and a freelance writer specializing in economics and politics. He’s been published... More about Matt

Mentioned in this article::