Tags: california | democrats | tax cut | antibusiness

Calif. Dems to Confiscate Federal Tax Cut, Drive Business Away?

Image: Calif. Dems to Confiscate Federal Tax Cut, Drive Business Away?
(Chon Kit Leong/Dreamstime.com)

By with Michael R. Shannon
Tuesday, 30 Jan 2018 10:26 AM Current | Bio | Archive

Earlier I wrote how House Minority Leader Nancy Pelosi may have been accurate by mistake when she referred to the Trump tax cut bill as an “apocalypse.” Assuming, of course, she meant an apocalypse for Democrats.

Already 161 companies have announced bonuses or salary increases for employees and Apple has announced the largest investment in the history of the United States, and it all happened without a single Democrat vote in the Senate.

But for some California state Democrats that disaster isn’t big enough. They want to etch "anti-business" into the party platform for all time.

Two "Take the Wealth" Democrats in the California legislature — Kevin McCarty and Phil Ting — have introduced a new tax bill that seeks to let the Grabbing State take some of the tax savings that Washington just gave business. Their gouge, according to Fox News, would put an arbitrary “10 percent surcharge on companies with net earnings over $1 million.”

The resulting windfall would then be wasted on more “social services” spending, which translated into English means handouts to keep Democrats in office.

In typical mendacious language, Ting claims, “This bill will help blunt the impact of the federal tax plan on everyday Californians by protecting funding for education, affordable healthcare and other core priorities.” When the truth is the federal tax cut has zero impact on education and unaffordable healthcare, since the revenue was federal in the first place.

Even the Sacramento Bee described this brazen attempted holdup thusly, “Bills that blindly seek to soak big business and the rich at a time of budget surplus solve nothing.”

What bills like this do is prove to the "maker class" that California has been seized by the "taker class" and the only intelligent move is to leave the state.

Just recently I wrote about the Independent Institute study that shows California ranks 49th out of 50 states for economic freedom. Details here.

CNS News analyzed data released by the Bureau of Economic Analysis and found the gross domestic product of business-friendly Texas expanded 40 times faster than that of California. Particulars of that California failure are here.

California’s reflexively anti-business political class has even soured the country on the state as a place to retire. WalletHub.com studied all 50 states to rank places to retire and California had exactly zero cities in the top ten.

But that situation was rectified on the list of top ten worst places to retire. California has six of the top ten worst places for retirement living. The entire depressing survey is here.

This latest money-grab by Ting and McCarty only proves to business owners that the state is run by cultural Marxists and is effectively closed for business for the foreseeable future.

Michael Reagan, the eldest son of President Reagan, is a Newsmax TV analyst. A syndicated columnist and author, he chairs The Reagan Legacy Foundation. Michael is an in-demand speaker with Premiere speaker’s bureau. Read more reports from Michael Reagan — Go Here Now.

Michael R. Shannon is a commentator, researcher for the League of American Voters, and an award-winning political and advertising consultant with nationwide and international experience. He is author of "Conservative Christian’s Guidebook for Living in Secular Times (Now with added humor!)." Read more of Michael Shannon's reports — Go Here Now.

© Mike Reagan

   
1Like our page
2Share
Reagan
What bills like this do is prove to the "maker class" that California has been seized by the "taker class" and the only intelligent move is to leave the state.
california, democrats, tax cut, antibusiness
550
2018-26-30
Tuesday, 30 Jan 2018 10:26 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved