Tax Commission Plan = $10 Billion Drop In State Revenues?

January 13, 2010 · Filed Under CA Budget, CA Economy, Taxes · 2 Comments 

Governor Schwarzenegger used his State of the State address last week to urge the Legislature into acting on reforming the state's tax system, while also jabbing lawmakers that a bipartisan commission's ideas had "disappeared" somewhere under the Capitol dome.

Well, those ideas came out from their hiding spot this morning. And with quite a splash: a calculation by the Legislative Analyst's Office that the marquee recommendation -- a business net receipts tax -- would, as crafted, actually lower state tax revenues by $10 billion a year.
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