Some of the biggest brand name companies in the world, their corporate tax is the same as my little wine store on Greenwich and Fillmore. Sorry, I may have broken my pledge not to promote it. By the way, on that We're going to cut the LLC ESCOR tax, that annual $800 tax for an estimated 250,000 businesses down to $400. That's also proposed in this budget helping support startups, small businesses and then try to level the playing field with big corporations by simply capping the tax at 5 million or 50% of their liability. (35:00–35:09)

CLAIM

Asserts a plan to cut the annual LLC and S corp tax from $800 to $400 for approximately 250,000 businesses.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

Gavin Newsom: “We're going to cut the LLC ESCOR tax, that annual $800 tax…”