Transcription
We're here to announce the introduction of Assembly Bill 1790 to repeal the Wat's Edge tax loophole in California. Today, the state faces continued budget challenges. We all know this.
While the tech and trade titans sit back as our profits and market share increase exponentially, the governor estimates that California faces a $3 billion budget shortfall. But if we remove the W's edge election, we will generate an estimated $3 billion in new revenue. This is $3 billion that can be put towards schools and healthcare. $3 billion for nutrition assistance programs, $3 billion for green energy and climate programs, $3 billion to put uh to work to benefit all California instead of just the wealthiest corporations.
These corporations would have you think that Wat's Edge has always been the case and is the only viable way for them to be able to operate. That is simply not true. For years, many voices have been growing louder, calling for a change to Wat's Edge. As we see California taxpayers and small business owners continue to subsidize the record profits of these huge multinational corporations and frankly unprecedented tax breaks at the federal level for these same corporations. It is time we stop the rigging of California's tax system by corporate interests.
Just recently, the Trump administration decided to take resources away from folks relying on the safety net to give $900 billion of tax giveaways to these corporations. Think about that. $900 billion of tax giveaways for corporations. While the brothers and sisters that I have standing next to me, 745,000 more, right, are standing in their offices right now. They can't put food on the table.
By passing this bill, California has the opportunity to send a very clear message, and that is tax loopholes that unfairly benefit oil and gas industries and major corporations at the expense of everyday Californians are unacceptable. Closing corporate tax loopholes will raise $3 billion in state revenue that would go to the general fund and increase education funding and bring critical resources back to classrooms. It ensures that corporations that profit in California contributes back to California. This is a smart, responsible way to protect working families from continued harm.
It is time we stop letting corporations pick and choose how little they are taxed. It's time for California to do undo another mistake of the Reagan era and return to a sensible tax system where everyone pays their fair share. It is time to repeal Wat's edge and even the playing field for all Californians.