California’s sad excuse for a governor has come out in favor of a flat tax. Hah!
As the LA Times reports: “Gov. Arnold Schwarzenegger said today that he would like to see such ‘radical’ proposals come out of a commission now studying an overhaul of the state’s tax system. The governor told the editorial board of the Sacramento Bee that he hoped the commission would not be afraid to propose something like ‘a 15% straight tax.’”
“That’s the kind of radical, daring kind of a proposal that I want to see on the table so we can look at it and say, ‘Oh, let’s study this, maybe that is the way to go,’ ” Schwarzenegger said.
Don’t get us wrong. In theory, we love the flat tax concept: Everyone pays the same percentage of all income. Minimal or no deductions.
But here’s the problem with the Schwartzenegger’s scam. The current highest tax rate in California is 9.1% on taxable income over $91,000 (after all your deductions are considered), but under this bogus flat tax plan everyone would pay 15% with minimal or no deductions.
It’s going to be interesting to see how Schwartzenegger tries to convince the people of California that paying 15% with no deductions is better than paying 9.1% with deductions.
In the thoughts, if not the words of the Governor, “Keep your eye on the pea while I move these walnut shells around.”
Source: LA Times
