California Tax Cut Bill Would Fight Inflation, Boost Economy
Commentary
Now we’re getting someplace. Rookie Assemblywoman Kate Sanchez (R-Murrieta) is advancing Assembly Bill 1724, which would cut the state sales tax 1 percentage point for one year. I’ve long said the way to improve the economy in California is with a series of small tax cuts for the middle-class and poor. Start small, keep trying.
It would cut the current state sales tax of 7.25 percent to 6.25 percent. (The sales tax is split with local governments. AB 1724 specifies only the state portion is cut, from 4.75 percent to 3.75 percent. Cities and counties also can add their own extra sales taxes.)
This is a bill both parties should be able to support. I interviewed Sanchez about the legislation….