Democrats in the California Senate on Wednesday said they want to raise taxes on some of the largest corporations so they can cut taxes for nearly every other business.
All California businesses pay a state tax rate of 8.84% on income, a figure that has not changed since 1997. This new proposal would create two tax rates for businesses in California. Companies would pay 6.63% on the first $1.5 million they make. Any money made above that would be taxed at 10.99%.
