Be sure and check out Jean Ross’ column in Calbuzz today, which examines the proposed changes to the state’s tax system recommended by the Commission on the 21st Century Economy. She states that the proposals’ biggest winners are California’s millionaires, who would receive personal income tax breaks averaging $109,000 per year. The losers? Middle-income families who might receive a small reduction in their personal income taxes but would pay more for good and services under the “value-added” tax the Commission proposes.
Jean writes that the Commission’s proposals rely on a risky, largely untested new tax opposed by some of the nation’s most prominent tax policy experts and that the Commission’s proposals would worsen, not improve, the state’s budget crises.
But don’t take my word for it. Read the column yourself.
— Lisa Gardiner