Ted Lieu Votes to Kill Jobs; Bill Fails Cal Senate
A bill that would tie corporate tax rates to executive compensation was rejected by the state Senate on Wednesday. SB 1372 would have replaced current tax rates for publicly traded corporations with a rate based on the ratio between its highest earning employee and its median workers’ salary.
Senator Ted Lieu, currently a candidate in next Tuesday's election to replace the retiring Representative Henry Waxman in Congress, voted for this nonsense Even liberal Democrat Stuart Waldman, President of the Valley Industry and Commerce Association, who opposed the bill, had the good sense that this was goofy legislation writ large. “I’m not sure in what world this would have increased worker pay,” said Waldman. “It’s ridiculous to think that further complicating our corporate tax system would do anything but encourage business to leave the state.”
Lieu is Mayor Garcetti's pick for the seat; especially since his primary opponent is La Wendy. The Mayor has frequently called for tax reform for business. Let's hope he doesn't support this type of social engineering for the City.