A bill that will impose a massive retroactive tax increase on California’s small businesses and taxpayers has been added to the California Chamber of Commerce Job Killer List.
AB 1253 (Santiago; D-Los Angeles) seeks to increase California’s personal income tax rate, already the highest in the country, for struggling small businesses and high-income earners, which will result in a recently reported $6.8 billion in increased taxes.
Millions of California small businesses pay the personal income tax, and will soon face higher pandemic-related unemployment insurance taxes, workers’ compensation rates, and other new state-mandated costs of doing business. Imposing a punitive new tax on these businesses is exactly the opposite approach to saving jobs and restoring the state’s battered economy. Read More