Statement from Economic Security Project Action in Response to Governor Newsom’s Revised FY 23-24 State Budget Plan
05. 12. 2023
We endorse the Senate’s proposal to create a graduated corporate tax rate that ensures the 2,500 most profitable corporations pay their fair share.
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Sacramento, CA – Today, California Governor Gavin Newsom announced his revised California Budget Proposal for FY 2023-2024. Following today’s budget revision announcement, Teri Olle, California Campaign Director at Economic Security Project Action, issued the statement below:
“California is facing a significant budget shortfall for the first time in several years and we appreciate the governor’s commitment to maintaining critical programs and investments in the face of this reality. However, there is more we can do to fund our state’s needs and build an economy that works for everyone. It is precisely in times like this that we should make sure our tax system is fair. California is home to extremely wealthy corporations that are paying less in taxes than they did in the early 1980s. That’s why we endorse the Senate’s proposal to create a graduated corporate tax rate that ensures the 2,500 most profitable corporations, many who benefit from record-breaking profits and yet still raise prices on consumers, are contributing their fair share. We thank Senate President pro-Tempore Toni Atkins and Senator Nancy Skinner for their leadership in bringing this proposal forward.
We also will continue to fight for our top budget priorities, including:
- SB 333 (Cortese) which would create a guaranteed income program that gives temporary direct cash assistance to graduating high school seniors experiencing homelessness to help them successfully transition to college or career;
- AB 1128 (Santiago) which would expand eligibility for the Young Child Tax Credit to all eligible dependents; and
- AB 1498 (Gipson) which would create a minimum California Earned Income Tax Credit (CalEITC) of $300 so low-wage workers receive a more meaningful credit to boost their incomes.”