California Chamber of Commerce President and CEO Jennifer Barrera has issued the following comment in response to a proposal put forth today by California Senate Democrats to raise taxes on California businesses by $6 billion with an unprecedented 24% increase in the corporate tax rate:
“The tax increase proposed today by Senate Democrats is unnecessary because of the prudent build-up of the rainy-day fund. Increasing taxes will send the wrong signals to job creators and investors in the state’s economy. Now is not the time to test California’s ability to withstand the impact of an economic downturn or a recession by placing our economic success at risk.”
The California Chamber of Commerce (CalChamber) is the largest broad-based business advocate to government in California. Membership represents one-quarter of the private sector jobs in California and includes firms of all sizes and companies from every industry within the state. Leveraging our front-line knowledge of laws and regulations, we provide products and services to help businesses comply with both federal and state law. CalChamber, a not-for-profit organization with roots dating to 1890, promotes international trade and investment in order to stimulate California’s economy and create jobs. Please visit our website at www.calchamber.com.