California Democrats propose raising taxes on big companies to cut taxes for smaller businesses

So, I read this interesting article about how California Democrats want to raise taxes on big companies to give smaller businesses a break. Basically, they’re proposing a plan where companies with more than $5 million in taxable income would have to pay a 1% surcharge on their taxes, which would then go towards reducing taxes for small businesses.

Personally, I think this is a pretty smart move. I mean, big corporations like Amazon and Google are making crazy amounts of money, but often pay very little in taxes, if any at all. Meanwhile, small businesses are struggling to keep their head above water, especially during this pandemic.

The article mentions that this proposal is part of a larger effort to address economic inequality in California. And honestly, I think that’s a really important issue. As someone who’s lived in California for a few years now, I’ve seen firsthand how expensive and difficult it can be to start a business here. And when you factor in things like high rent, increasing healthcare costs, and the cost of living in general, it can be a real challenge for small business owners.

Overall, I think the idea of raising taxes on big companies to support small businesses is a win-win situation. It’s a way to help reduce economic inequality and support local communities, all while making sure that everyone pays their fair share. I’m excited to see where this goes and hope other states follow suit.