This week the Flash Report featured a commentary from California Chairman Peter Foy on the Commission on the 21st Century Economy report:

California’s 21st Century Job Killer

Last week the Governor’s Commission on the 21st Century Economy released their plan for “stabilizing” tax revenue. Some of the Commission’s recommendations would undoubtedly help our state’s moribund economy. For example, reducing personal income taxes and eliminating corporate and sales taxes will greatly relieve the burden on our overtaxed citizens and employers. As calculated by the Tax Foundation, California has the fourth highest top individual tax rate in the country and we rank an embarrassing forty-eighth for our business tax climate.

The Golden State has always been known for leading the nation in innovation and prosperity, now we lead the nation in taxation and regulation. Disposing of our 8.84% corporate tax and 5% sales tax will go a long way in reviving our business climate. These are positive proposals and the Commission should be commended for recognizing the need to reduce or eliminate such repressive taxes. However, this step forward would be completely undercut by the Commission’s other major proposal: implementing a business net receipts tax (BNRT).

Read the rest of the article here.