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California weighing proposal that could double its taxes

January 19th, 2022
Categories: News

Link: https://www.foxbusiness.com/economy/california-proposal-double-taxes

California lawmakers unveiled a new bill at the beginning of the year that would establish a single-payer health care system – an ambitious plan that would be funded by nearly doubling the state's already-high taxes.The proposal includes three main revenue raisers, Higher income taxes on wealthy Americans, a payroll tax on certain employees' wages for large companies, and a new gross receipts tax. tax increases are designed to raise an additional $163 billion per year, which is more than California raised in total tax revenue any year before the pandemic. The bill could increase taxes by roughly $12,250 per household

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