News & Updates - CBRT Issues Statement on New Legislation to Impose a Seven Percent Surcharge on California Employers
FOR IMMEDIATE RELEASE
January 18, 2018
CONTACT: (916) 553-4093
(SACRAMENTO)— Rob Lapsley, president of the California Business Roundtable, issued the following statement in response to a proposed constitutional amendment by Assemblyman Kevin McCarty (D-Sacramento) and Assemblyman Phil Ting (D-San Francisco) to create a new $15 to $17 billion annual tax on California employers with more than $1 million in annual income:
“California employers already pay some of the highest tax rates in the nation. California currently ranks 48th out of 50 for our overall tax policy. An additional seven percent surcharge on California employers would force even more to move out of state or close their doors entirely, taking well-paying, middle-class jobs with them.
“Many large employers, including California-based companies, have announced bonuses or pay increases as a result of the recently enacted tax reform, putting more money in the pockets of hardworking Californians. Imposing tens of billions of dollars in new taxes on employers will be a major step backwards that will only hurt middle-class Californians struggling to make ends meet.”