Hope?

Is there hope?

A commission in California will recommend a change to the “personal income tax structure to reduce the burden on the wealthy“. They will also recommend abolishing sales and corporate taxes, replacing it with a tax on businesses net receipts.

Read the article here.

You can also visit the website for the Commission on the 21st Century Economy to learn more about the commission and their charge.

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3 Responses to “Hope?”

  1. todd fox Says:

    THIS IS A VERY BAD IDEA!

    Under this proposed plan you eliminate income tax deductions for company expenses and company investments. Why would any business invest in jobs in CA if they need to pay a double tax – first on “revenue” then on property? Notice there is no suggestion on elimination of property taxes. This kid of revenue tax adds a tax markup to all resale business transactions regardless of profitablity.

    Guess who’s exempt from the new taxes? Government employees and their “services!” This kind of bad plan only serves to transfer more “work” to the state and their union work force. Isn’t that what got us into this mess in the first place? We should be doing the opposite!!

    Example: Most private schools are non-profit and pay no tax. Private schools, under this plan, would now pay tax on their revenue (tuition) rather than profit. New “plan” makes it more expensive and difficult to operate this “business” because less money available for student expenses (like non union teacher paychecks) because of new taxes on “revenue.” Enrollments will decline. You don’t think the public teacher’s union has thought this one through?

    The same scenario applies to public healthcare, housing, security, etc.

    THIS IS A VERY BAD IDEA!

  2. Michael Burns Says:

    Todd,

    You are absolutely correct! On the business side, this is a very bad idea, at least what we know of it right now. California has been very unfriendly to businesses and this would only make the environment worse.

    Anyway, my hope is in the “balancing” of the income taxes on individuals.

    There are two big reasons we are in the mess we are in; 1) unfriendly business environment which is driving businesses out of California; 2) burdensome income taxes on the wealthy which is also driving them out of California. So, if the policies of this State are driving those who “pay taxes” out of the State, why are they so surprised that revenue’s are not “increasing” as they expected?

    I am, for the moment, hopeful that they will “level” the playing field when it comes to income taxes.

    Ultimately though, I would like to see either a consumption tax such as the plan being pushed by FairTax or some form of a flat tax.

  3. Tom Spurlock Says:

    California continues to elect “tax and spend” politicians to office. Most people don’t understand that small government and low taxes are paramount to a thriving economy. Californina’s extremely regulations are also killing our businesses in California. CARB (California Air Resources Board) is well known for extorting small businesses for hundreds of thousands of dollars, many of which opted to go out of business and move to Arizona. If only the public knew what goes on, and most of all…. if only the public understood that the “tax and spend” philosophy is a cancer that spreads, and eventually it will bring our economy to it’s knees, (this isn’t too far away). Our economy is eating itself alive and someday we’re going to wake up and ask where has our economy gone? By that time I’ll (and many others) be long gone to another state to escape high taxes, regulation, big government, environmental extremists, and liberal socialistic idealism of our elected officials. We’re turning into another Europe, economically anemic.

    Added to the above problems, California (and other states) welcomes foreign students into our top colleges and universities for a premium price. These premium tuition costs paid by foreign companies have offset the costs of our “noble” affirmative action program for the last 25yrs. Seems our learned politicians didn’t limit affirmative action to US students for quota attainment. Foreign students that come to the US for their education are the smartest in their respective countries, they often do very well in our universities, soaking up everything we can teach them, for a reason……to compete with the US! For 25+yrs we have been teaching foreign countries everything our universities know about science, biology, quantum physics, math and engineering, among many other valuable subjects. And we wonder why so many jobs have gone overseas. Hmm.

    Khalid Sheikh Mohammed got his engineering degree at a university in North Carolina. He was the mastermind of 9-11. Do you think his engineering degree helped him destroy the trade centers? You betcha.

    My opinion:

    No desk in any US college or university should be offered to a foreign student when there’s a US citizen that wants it. I don’t understand why everyone doesn’t agree with this simple idea so we can retain jobs and build a bigger and smarter workforce in the United States, not to mention be more secure.

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