Fong unveils plan for middle-class recovery

Assemblyman Vince Fong announced this week the California Competitiveness and Innovation Act — a plan that aims to reduce the tax burden on middle-class families and small-business owners.

“The intent of the package is to make California competitive with other states — especially for middle-class families and small businesses that are struggling to survive under California’s high-priced tax code,” said Fong.

The main components of the proposal are:

• Personal Income Tax: Lower the state personal income tax rate for middle-class individuals and families

• Small Business Tax: Reduce the franchise tax for small businesses

• Homeowner Tax Exemption: Double the $7,000 homeowners property tax exemption

“We should lower the state’s tax burden without gimmicks,” said Fong. “We have to make California more competitive with other states and help ordinary Californians afford to live and work in this state.”

The package of bills will be introduced in the following weeks and will be referred to the Policy Committee in the Assembly.

Fong’s video announcement can be viewed at https://tinyurl.com/y9t38nvw.

Story First Published: 2018-01-12