Raise Corporate Taxes to Cut California’s Deficit, Policy Group Says

The move would create a more fair tax system and raise several billion dollars, according to a nonpartisan research group.

The California Budget and Policy Center suggests making the corporate tax progressive, requiring companies earning the highest profits, like Apple, to pay more. Above, guests look at new iPhones at Apple headquarters in Cupertino, Calif., on Sept. 7, 2022. Carlos Barria/Reuters

With the state facing a budget deficit of approximately $73 billion, according to the Legislative Analyst’s Office, the California Budget and Policy Center—a nonpartisan public policy research nonprofit—is proposing increasing taxes on corporations to close the gap.

“Enhancing fairness in California’s corporate tax system has the potential to raise several billion dollars in additional revenue for the state,” the budget and policy center told The Epoch Times in an April 3 email. “In conjunction with other budget tools, these revenues could help prevent cuts to vital services, safeguarding the well-being of Californians struggling to make ends meet.”