Sherman Oaks, CA – The United Chambers of Commerce passed a motion opposing ACA-22: Middle Class Fiscal Relief Act. The motion was passed by unanimous vote at the UCC’s Governmental Affairs Committee meeting on Monday, February 12th, 2018. The motion was approved by the Executive Board of Directors on Monday, February 26th, 2018.
The Middle Class Fiscal Relief Act “would impose a surcharge of 10% on the net income of all corporations that is over $1,000,000,” and would deposit the income into the Middle Class Fiscal Relief Fund. Funds from this surcharge could be allocated for specific purposes, including fiscal benefits to lower and middle-income Californians. Potential uses include:
- Expanding the Earned Income Tax Credit
- Provision of other tax rebates or tax relief
- Expanding access to child care and early education
- Providing for affordable healthcare
- Expanding higher education financial aid
The ACA-22 Bill was proposed in reaction to the Tax Cut & Jobs Act, which was recently passed by Congress and signed into law by President Trump. The motion to oppose the ACA-22 was made by Committee Co-Chair Richard Fisk, and seconded by Committee-member Sean McCarthy. One Committee Member described the motion as, “just another tax on business, making the state less and less friendly to businesses.”
The United Chambers of the San Fernando Valley and Region is a coalition of 32 business organizations including 18 Member Chambers, representing over 21,000 businesses that provide over 387,000 jobs. United Chambers deals with Valley-wide, County-wide and Regional issues and promotes the San Fernando Valley’s overall welfare, progress and economic prosperity.