Republican gubernatorial candidate Kevin Faulconer unveiled a tax plan on Wednesday that would eliminate state income tax for individuals who make less than $50,000 and families that earn less than $100,000. California is literally taxing people out of our state,“ the former San Diego mayor said at a news conference in Downey. AdvertisementUnder his plan, individuals making up to $1 million would receive some state tax reduction, meaning that his proposal would help 11 million households in California. The plan would blow a $15-billion hole in the state budget, Faulconer said in an interview, and would be backfilled by the state’s $75-billion budget surplus. Jenner has pledged to veto new tax increases, and Cox has called for slashing state income taxes, but neither has offered details about their proposals.

Source: Los Angeles Times May 12, 2021 17:03 UTC