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Democrats in the California Senate say they want to raise taxes on big businesses so they can cut taxes for small businesses SACRAMENTO, Calif. -- Democrats in the California Senate on Wednesday said they want to raise taxes on some of the largest corporations so they can cut taxes for nearly every other business. But the proposal was met with swift opposition from the business community and Democratic Gov. Gavin Newsom — highlighting the likely rocky budget negotiations ahead for a state facing an estimated $22.5 billion budget deficit. All California Business es pay a state tax rate of 8.84% on income, a figure that has not change d since 1997. This new proposal would create two tax rates for Business es in California. Companies would pay 6.63% on the first $1.5 million they make. Any money made above that would be taxed at 10.99%. The higher tax rate would only apply to about 2,500 companies and would bring in an extra $7.2 billion in revenue for the state. Meanwhile, about 1.6 mill...

The World Economic Forum is back with its first winter meetup since 2020 in the Swiss Alpine town of Davos DAVOS, Switzerland -- The World Economic Forum is back with its first winter meetup since 2020 in the Swiss Alpine town of Davos, where leaders are seeking to bridge political divisions in a polarized world, buttress a hobbling economy and address concerns about a climate change — among many other things. Sessions will take up issues as diverse as the future of fertilizers, the role of Sports in society, the state of the COVID-19 pandemic and much more. Nearly 600 CEOs and more than 50 heads of state or government are expected, but it's never clear how much concrete action emerges from the elite event. Here’s what to watch as the four-day talkfest and related deal-making get underway in earnest Tuesday: WHO’S COMING? Back in the snows for the first time since the pandemic and just eight months after a springtime 2022 session, the event will host notables like European Union C...

The Federal Reserve has only a limited role to play in combating climate change, Chair Jerome Powell said Tuesday, a stance that puts him at odds with environmental activists who have pushed central banks worldwide to take steps to restrict lending to ... WASHINGTON -- The Federal Reserve has only a limited role to play in combating climate change , Chair Jerome Powell said Tuesday, a stance that puts him at odds with environmental activists who have pushed central banks worldwide to take steps to restrict lending to energy companies. Maintaining the Fed’s independence, Powell said, includes steering clear of issues that are more properly overseen by elected officials. “Without explicit congressional legislation, it would be inappropriate for us to use our monetary policy or supervisory tools to promote a greener economy or to achieve other climate -based goals,” Powell said during a panel discussion in Stockholm on the subject of central bank independence. “We are not, and will not b...