President Donald Trump has made some incredible promises as our leader since day one of the 2016 election.
Thus far, President Trump has been trustworthy and even before the Tax Cuts and Jobs Act went through before the holidays, individuals and many businesses around the United States have begun to see the great impact on our nation. The first major corporations even took a stand within moments of the tax cuts passing.
These major corporations offered unbelievable hiring and wage increases and four-figure bonuses for their employees. Now due to the tax breaks, with the deductions that could be available, Democrats in California have growing anxiety over the changes. They feel they might cause a booming “exodus.”
The Sacramento Bee reported:
But now, with the federal tax bill cutting off deductions that benefited well-off Californians, the state’s Democrats suddenly are singing the GOP song about a potential millionaire exodus.
“People with higher incomes pay a lot more money, and some of them may be tempted to leave,” Gov. Jerry Brown said when he unveiled his 2018-19 budget proposal last week. “This was an assault by the Republicans in Congress against California.”
Despite the tax cuts likely being the cause of their losing ground in the polls, some California Democrats are already proposing legislation that would allow the state to confiscate up to half of the tax cut benefits that corporations are set to receive.
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 Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, 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.”
If they were afraid that more limited deductions could cause a mass exodus, what do they think will happen when they confiscate the tax benefits businesses are still allowed to claim?
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