26 Jan Liberal Companies Could Be Punished by California Leftists for Receiving Tax Cuts
Apple (1 – Liberal) has joined the ever-growing list of corporate giants celebrating tax reform by pledging last week to reward employees with a $2,500 one-time bonus. The Cupertino, California-based company also said it would be investing $30 billion in business development right here in the United States.
But, will leftists in the California State Assembly allow companies based in state to enjoy the financial benefits of the GOP’s tax cuts?
Democrat Assemblymen Kevin McCarty and Phil Ting have introduced legislation that would punish companies earning over $1 million with a 10% surcharge. Ting has said the cuts “force working families to pay the price for tax breaks and loopholes benefiting corporations and wealthy individuals.”
However, according to Majority Whip Steve Scalise of the U.S House of Representatives, over 3 million workers have received bonuses or other benefits as a result of the cuts. Yet, Apple, Wells Fargo, and Visa, three companies that have strong records of support for the left’s agenda, could be forced to relinquish these gains due to being located in California. Google, another poster-child for left-leaning corporate activism, would also face retribution.
Ironically, these companies have funded some of the top organizations on the left that have been fighting against tax reform. Apple, Wells Fargo, Visa, and Google have all donated to former Hillary Clinton campaign chairman John Podesta’s Center for American Progress (CAP). CAP CEO Neera Tanden called the tax reform legislation “immoral” and “venal” claiming it “helped conservative donors by hurting middle-class Americans.”
Rep. Steve Scalise is tracking the growing list of companies that are passing along the financial gains from tax reform to their employees. Apparently, major corporations do appreciate the benefits of the new policy, but many of them, especially in California, continue to fund the activist groups that would prevent them from being able to reward their employees in such a way.
The potential effects of the McCarty-Ting legislation is just more evidence as to why these corporations should reconsider their financial support for leftist activists.