CALIFORNIA WANTS A NEW TAX PLAN 

California is going in the tank. Big time. And quickly. Part of the reason is because it has driven away many of the achievers. Taxing the tar out of the productive in society will do that. But it seems as though things have gotten so desperate, that someone in California has actually admitted that their tax system is driving away the wealthy and therefore decreasing tax revenues.

So a state commission came up with a report for Gov. Schwarzenegger recommending "bold changes to California's tax system. So when a state wants to get back on its feet, what does it recommend?

-Repealing the sales and corporate taxes and replace them with a new business levy that taxes net receipts

-Flattening the income tax rate to reduce the burden on the wealthy.

As we said yesterday in the Nuze ... that reducing the tax burden on the wealthy is going to doom this stuff. Those evil people have to pay their fair share you know.