Assemblyman wants to revamp tax code
Assemblyman Vince Fong (R-Kern County) announced Monday that he will be introducing a package of bills to overhaul California's tax code.
Fong calls it the California Competitiveness and Innovation Act--a California middle class and small business tax cut proposal.
"The intent of the package is to make California competitive with other states, especially for middle class families and small businesses that are struggling to survive under California’s high-priced tax code," he said.
Fox listed the main components of the proposal:
•Personal Income Tax: Lower the state personal income tax rate for middle class individuals and families
•Small Business Tax: Reduce the franchise tax for small businesses; and
•Homeowner Tax Exemption: Double the $7,000 homeowners property tax exemption
“We should lower the state’s tax burden without gimmicks,” said Assemblyman Vince Fong. “We have to make California more competitive with other states and help ordinary Californians afford to live and work in this state.”
The package of bills will be introduced in the following weeks and will be referred to policy committee in the Assembly.