State Sen. Nancy Skinner, D-Berkeley, along with Assemblymembers Buffy Wicks, D-Oakland, and Rob Bonta, D-Alameda, announced today Senate Bill 37, “Corporate Fair Share for California & Californians,” which will increase the tax rate on large corporations to provide billions of dollars in new revenue for childcare, schools, and higher ed.
SB 37 will provide California with a sustainable revenue source by increasing taxes on large corporations that recently received a massive federal tax cut. SB 37 would allow the state to capture a share of that windfall by raising corporate income taxes on the top 0.2% of companies that do business in California. SB 37 is also designed to reduce California’s income inequality by closing the gap between what corporations pay their CEOs and their average employees.
“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.”