I can’t believe this is about to happen.
the real shock doctrine is happening behind the curtain, with a proposal engineered with bipartisan support, that will really permanently turn the state into an experiment in Chicago Boys free-market fundamentalism, not unlike the conservative “paradises” created in developing nations, all of which are crashing, by the way.
Last year, the Governor and legislative leaders put together the Parsky Commission, a classic blue-ribbon panel led by Gerald Parsky, a right-wing investment fund manager and professional hack who has consistently been put to use by Republicans in Sacramento and Washington to carry out their radical plans. He was George Bush’s California campaign chair in 2000 and 2004.
The effect of the proposal would be to increase the taxes on Californians earning less than $100,000 to broaden the tax base.
The state’s 8.8 percent corporations tax would be eliminated, as would the 5 percent of the sales tax the state retains […]
A new “business net receipts” tax makes up for much of the lost revenue from the sales and corporation tax eliminations.
“Business net receipts” taxes are essentially a value-added tax. And one estimate predicts that it would take in $28 billion dollars annually. But everything must be revenue neutral, so in a time of crisis, the Parsky Commission would go to a FLAT TAX and eliminate the corporate tax rate, as well as possibly cutting the capital gains tax. It’s impossible to see this as anything but a giant wealth transfer from the poor to the rich. Simply impossible.