CA Bill to “Claw Back” Federal Tax Savings Proves that Tax Cuts Work
Washington, D.C. (January 25, 2018) California lawmakers seeking to raise taxes on businesses that benefit from the recently enacted Tax Cuts and Jobs Act are potentially hurting their own economy, but they’re also conceding that the tax cuts will have exactly the effect that supporters predicted, said the Job Creators Network today.
“Confiscating the tax savings before business owners have a chance to reinvest in the California economy is a terrible idea, but it shows that the opponents of the tax cuts expect it to work,” said Alfredo Ortiz, CEO of the Job Creators Network.
Ortiz reacted to a bill proposal by two California lawmakers who want to impose a 10-percent surcharge on in-state companies whose taxes are about to go down dramatically. The sponsors argue that the tax cut will somehow cost working Californian’s money.
“That’s one of the many myths that opponents are spinning,” said Ortiz. “It’s not going to cost the California treasury anything. The Tax Cuts and Jobs Act is going to save families thousands of dollars a year, and it’s going to allow California businesses to keep millions more dollars to hire new workers and grow the state economy.”
Job Creators Network today launched a new campaign, Tax Cuts Work, seeking to educate business owners, employees, and the general public on the real economic effects of tax cuts. The California lawmakers seeking to cash in on the tax cuts are helping that effort, said Ortiz.
“They’re making our point for us,” he said. “This is a healthy debate, and we appreciate their contribution.”