SACRAMENTO – With Tax Day looming tomorrow, Senator Ted Gaines (R-El Dorado) today announced a package of bills that will provide some relief to overtaxed Californians.
“Every day feels like Tax Day in California. We have the highest income tax brackets of any state, top-five gas taxes, highest corporate tax in the western states, and so on down the line. And for all that money, the state’s taxpayers get broken down roads, crumbling spillways, and a laughingstock of a high-speed rail project,” said Senator Gaines. “I say enough. That’s why I’m introducing a group of bills to ease the burden on the families and businesses who see too much of their money go to Sacramento with too little result.”
The bill package includes the following:
Standard Deduction Increase (Senate Bill 995)
Increases the standard deduction for California personal income tax filers by $1,500 for single filers and $3,000 for joint filers.
Corporate Income Tax Rate Cut (Senate Bill 996)
Lowers California’s corporate income tax from 8.84 percent to 6.84 percent.
529 College Savings Plans (Senate Bill 1218)
Makes contributions to 529 College Savings Plans tax deductible in California, up to $20,000 per beneficiary per year.
Budget Surplus Tax Rebate (Senate Bill 1231)
Refunds the state’s $6 billion 2018/19 budget year surplus to taxpayers by issuing tax rebate checks to all people who filed California income tax returns in 2016.
“Taxpayers need a champion in Sacramento. These bills are a giant step in the right direction, and they would let the people know that their fate isn’t to always get poorer so their government can get richer,” said Senator Gaines.