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Tax hikes are unnecessary. California businesses already pay their fair share Daily News

https://www.dailynews.com/2019/03/14/tax-hikes-are-unnecessary-california-businesses-already-pay-their-fair-share/
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Mar 14, 2019 11:43 PM 1+ week ago

With news of California companies moving to states where taxes and other operating costs are lower, it's difficult to believe that some groups want to hit in-state employers with another tax increase.

But that is precisely the pitch made by special-interest groups trying to convince voters that California's business taxes are too low. Taxes must be increased so businesses will pay their "fair share," the argument goes.

What tax-increase proponents don't mention is that the corporation tax is a growing and vibrant source of state revenue. From 1960 to 2018, California's corporation tax revenue grew from $272 million to $12.2 billion - an increase of more than 4,500 percent. Even after adjusting the 1960 number for inflation, the growth was 535 percent.

Gov. Gavin Newsom's Department of Finance projects that the corporation tax will grow another 6.4 percent this year, to reach $13.1 billion.

The tax is one of the big three sources of state revenue, along with the personal income tax and the sales tax. Businesses of all ...

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