A new level of stupid has been reached in the CA legislature. And that is tough to do. CA Sen Mark DeSaulnier is campaigning to represent the local area in the US Congress.
But he wants to leave his mark on California with a new proposal to tie the income tax rate of a corporation in this state to the ratio of pay of a company’s CEO compared to its median worker. Web Link
Corporate taxes would increase on companies that pay CEOs 100-400 times more than workers.
Currently California taxes corporate income at a top rate of 8.84 percent, the 10th highest rate in the country. If enacted, this proposal would raise the top corporate rate to 13 percent, which would be the highest in the country.
If it isn't enough that California has the highest rates in the US for state individual income taxes, sales taxes, and gasoline taxes, Sen Desaulnier wants to add corporate taxes to that list. And simultaneously drive businesses out of the state.