Raise Corporate Taxes to Cut California’s Deficit, Says Policy Group

With the state facing a budget deficit of approximately $73 billion, according to the Legislative Analyst’s Office, the California Budget and Policy Center—a nonpartisan public policy research nonprofit—is proposing increasing taxes on corporations to close the gap. “Enhancing fairness in California’s corporate tax system has the potential to raise several billion dollars in additional revenue for the state,” the budget and policy center told The Epoch Times by email April 3. “In conjunction with other budget tools, these revenues could help prevent cuts to vital services, safeguarding the well-being of Californians struggling to make ends meet.” In addition to creating a progressive tax structure for corporations, the organization is also suggesting the state limit tax breaks for corporations and eliminate a “loophole” that allows companies to offshore profits....