As much of America celebrates the recent tax bill signed at the federal level, cleaving less money from people’s paychecks, at least two legislators in California are fretting about the tax cut and have introduced a bill to levy a 10 percent “surcharge” on net earnings of more than $1 million dollars on California employers.  The tax would then be distributed to one of the many cause celebres – low-income workers, state-funded child care, early childhood education, health care, college financial aid.

Even the very Left-leaning hometown newspaper of one of the authors called it “dumb” in light of the fact that there is supposed to be budget surplus in California this year, and described it as a “tin-eared attempt” to play to their party base.  The Bee even noted that California’s “8.84 percent corporate tax rate is already relatively high compared with other states. Bills that blindly seek to soak big business and the rich at a time of budget surplus solve nothing.”

Ouch.  Read the full editorial here.

© 2007-2012 Building Owners and Managers Association of California (BOMA Cal)