California wants the Federal tax reform-saved money for itself, and they want a State Constitutional amendment to make the seizure permanent.
A proposed Assembly Constitutional Amendment by Assemblymen Kevin McCarty (D) and Phil Ting (D) would create a tax surcharge on California companies making more than $1 million….
The Progressive-Democrats claim the money would go to “programs that benefit low-income and middle-class families,” but that’s just tear-jerking. The State’s government would divert the monies to favored programs at convenience. That’s minor, though.
The point of the proposal is to take the money from business—the surcharge is a tax of fully 50% of business’ Federal tax cut—because Government Knows Better, and business doesn’t deserve it, anyway. Nor did they earn it. Government did that.
Don’t tax you, don’t tax me. Tax that business behind the tree. That’s not quite what Russell Long (D, LA) said all those years ago, but California’s new tax proposal is close in spirit. What the Progressive-Democrats in California’s legislature and governor’s mansion are missing, though, is another sentiment of Long’s regarding tax breaks for businesses:
I have become convinced you’re going to have to have capital if you’re going to have capitalism.
This is an understanding completely absent in the Progressive-Democratic Party.