Calling the Trump administration’s tax reform plan a “middle-class tax increase,” two California lawmakers introduced a bill that would force large companies to fork over half of their expected savings to the state. Assemblymen Kevin McCarty and Phil Ting, both Democrats, introduced Assembly Constitutional Amendment 22, which calls for a 10 percent surcharge on companies with a net earnings over $1 million. The Trump administration’s tax bill cut the corporate tax rate from 35 percent to 21 percent. Congressional Democrats said the bill was rushed through and benefits the top 1 percent of earners. “The high sales tax rate, which hits low-income people hardest, ought to be lowered, and certain services used by wealthier people and corporations ought to be subject to taxes.

Source: Fox News January 22, 2018 05:37 UTC