Three East Bay lawmakers have announced a bill that would increase taxes on California's most profitable companies to help fund schools and childcare. The bill aims to increase education funding by at least $2.5 billion a year by targeting companies that have benefited from President Trump's tax overhaul, which reduced the corporate tax rate from 35% to 21%. In a novel attempt to address inequality in compensation practices, the bill would base the tax burden on the ratio of the CEO's salary to the median employee salary. We'll talk with Nancy Skinner, the bill's primary author.
Proposed Education Tax Targets Corporations and Pay Inequity
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The then new Google logo is displayed at the Google headquarters on September 2, 2015 in Mountain View, California. (Photo: Justin Sullivan/Getty Images)
Nancy Skinner, California state senator for District 9; primary author, "Corporate Fair Share for California and Californians" bill