Proposed Tax Cuts for Small Business Important for California's Economy
Statement by Bianca Blomquist, California Policy Director & Northern California Outreach Director of Small Business Majority, praising the California Senate Budget Committee's proposal to cut taxes for small businesses
"We are thrilled that Senate Democrats have released a plan to provide meaningful tax cuts to our state's small businesses. Under the 'Protect our Progress' budget plan, small businesses that file as C corporations will reduce their taxes by 25% by lowering the current flat corporate tax rate on the first $1.5 million of taxable income. This proposal would be a boon to our state's innovators and job creators. We know that many of our smallest and most vulnerable small businesses are still struggling to overcome challenges stemming from the pandemic. This tax cut will enable them to reinvest critical dollars back into their businesses, allowing them to grow and create new jobs. We urge Governor Newsom to consider the Senate's proposal as he works on the 2023-24 May Revision to the Budget."
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About Small Business Majority
Small Business Majority is a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy. We engage our network of more than 85,000 small businesses and 1,500 business and community organizations to advocate for public policy solutions and deliver resources to entrepreneurs that promote equitable small business growth. Our deep connections with the small business community along with our scientific research enable us to educate the public about key issues impacting America’s entrepreneurs, with a special focus on advancing the smallest businesses and those facing systemic inequalities. Learn more about us on our website and follow us on Twitter, Facebook and Instagram.