To close budget gaps, is California trying to find ways to close it’s estimated $18 Billion budget gap by filing lawsuits against it’s biggest asset?
Read – https://lao.ca.gov/Publications/Report/5101
California is the same state that allow multi billion dollars tech corporations to build, develop, and expand. Now suddenly California cares about addictive use by filing lawsuits about social media responsibility.
Does that mean the public can sue for those tasty Extra donuts in Crenshaw, and if anyone becomes a big back eating them, they can sue?
The irony that the same state that allow social media companies to thrive suddenly had no regulations on the actual product.
As of now California policymakers are actively exploring targeted taxes aimed specifically at digital advertising and social‑media platforms, but these are not fully in place yet or are still being designed:
- AB 2829 and related proposals would impose around a 5% tax on annual gross revenues from digital advertising services in California, aimed at large online platforms.
- AB 796 (Social Media Accountability Act) would, for tax years 2026–2031, impose a tax (rate still unspecified) on social‑media platform providers’ annual gross receipts from ads purchased for distribution to Californians.
On the heels of the social media lawsuit if the “Social Media Tax” is enacted and upheld in court, these targeted ad/social‑media taxes would add a new, more direct revenue stream from social‑media companies on top of the existing corporate and income‑tax base.
Read – https://taxnatives.com/blog/california-digital-advertising-tax/
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