Calif. lawmakers propose taxing wealthiest corporations to pay for public schools to generate $5B/yr

Fresh off teachers’ strikes in Los Angeles and Oakland, three East Bay lawmakers are hoping to drum up money from the nation’s largest corporations who do business in California to generate billions more for K-12 schools, community colleges and early childhood education — while also helping reduce the state’s income-inequality gap.

On Monday morning, Sen. Nancy Skinner, D-Berkeley, along with Assemblymembers Buffy Wicks, D-Oakland, and Rob Bonta, D-Alameda, held a news conference explaining how they would pay for this idea. They are proposing a progressive, two-tiered taxing system of the nation's wealthiest companies that do business in California. 

“Corporate profits are at an all-time high, yet the portion of tax revenue California receives from corporations is at close to its lowest point in 40 years,” Skinner said. “SB 37 just asks corporations to pay their share, so we can cut income inequality and help fund our kids, our teachers, and our schools.”

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