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Tax & Budgets
California Senate’s “Protect Our Progress” Plan: Impact on Taxpayers and Policy Considerations
May 4, 2023 | Angela J. Pitale
California’s Senate leadership recently outlined a budget plan which includes, among other things, a significant increase in the corporate income tax rate from 8.84% to 10.99% on net income over $1.5 million. This would result in California having the highest tax rate in the country in 2024. The plan includes tax cuts for small businesses, renters, and low-income workers, as well as investments in schools, homelessness reduction, health access and child care. However, claims about the impact of the tax rate increase and small business tax cuts appear inconsistent with publicly available data.
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