5 months ago
SACRAMENTO, CA (AP) -- A commission charged with updating California's tax system is making bold recommendations to the governor and Legislature.
A draft copy of the report obtained by The Associated Press says the Commission on the 21st Century Economy will recommend repealing California's sales and corporate taxes, flattening the income tax rate and adopting a new business tax.
The commission spent a year looking for ways to stabilize California's volatile tax system. The panel will recommend the state change its personal income tax structure to reduce the burden on the wealthy.
It's unclear how many of the 14 members on the commission will endorse the recommendations. The commission is expected to give its report to Gov. Schwarzenegger on Tuesday.
The Associated Press
