Gov. Schwarzenegger seeks overhaul of California tax system

From the LA Times:

The governor called a special session of the Legislature to consider proposals in a 415-page report from a government commission that spent nine months studying ways to modernize the state's tax system. . . . Among the ideas from the bipartisan Commission on the 21st Century Economy presented in the report and draft legislation are dramatically reduced income levies and a revolutionary new business tax that would replace existing retail sales and corporation taxes.

The Governor promised to sign any legislation overhauling the tax system immediately.

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I am sure that Sam, our resident tax expert, will enlighten us as to the specifics of this news.