SACRAMENTO – Senator Ted Gaines (R-El Dorado) today expressed disappointment that two of his bills, Senate Bills 995 and 996 that would have provided some relief to overtaxed Californians, failed in the Senate Committee on Governance and Finance.
“California taxpayers can barely make ends meet but Governor Brown says the state is sitting on an $8.8 billion budget surplus. We have the highest income tax brackets of any state, top-five gas taxes, highest corporate tax in the western states, the list goes on and on,” said Senator Gaines. “With a surplus in the billions and sky-high taxes, it would make sense for the legislature to ease the burden on California families and businesses. Apparently that’s beyond the realm of logical thinking for my legislative Democrat colleagues.”
Senate Bill 995 would have increased the standard deduction for California personal income tax filers by $1,500 for single filers and $3,000 for joint filers.
Senate Bill 996 would have lowered California’s corporate income tax from 8.84 percent to 6.84 percent. This would have dropped California from the ninth highest tax rate to the twenty-fifth highest tax rate in the country.