Only multi-million corporations making more than $50 million dollars will be impacted by this measure, and these are the same businesses that got corporate tax breaks from the Trump administration. Prop C is a variable tax, averaging ½ of a percent. Since it’s a variable tax, businesses with smaller margins get a smaller tax, and it only taxes income over $50 million. For example, if a business brings in $54 million, only $4 million of that would be taxed and for retail businesses, the tax is less than 2/10ths of a percent.
Won’t this measure hurt businesses such as retailers?
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