California tax panel set to recommend sweeping, controversial changes - Sacramento Politics - California Politics Sacramento Bee:
"'I think inherent in this proposal is a signal to the entire populace, and certainly the Legislature: Please hold your fire, please don't reach a conclusion without further analysis,' said Chairman Gerald Parsky, a lawyer who worked for former Presidents Richard Nixon and Gerald Ford and served as chairman of the University of California Board of Regents.
The tax proposal's linchpin is a 'business net receipts tax,' or BNRT, for which the closest comparisons are the value-added taxes used in Europe and a variant used in Michigan. When fully implemented, all businesses operating in California would pay a tax of roughly 4 percent on all their revenue minus deductions for capital investments, contractors and possibly health expenditures for employees."
"'I think inherent in this proposal is a signal to the entire populace, and certainly the Legislature: Please hold your fire, please don't reach a conclusion without further analysis,' said Chairman Gerald Parsky, a lawyer who worked for former Presidents Richard Nixon and Gerald Ford and served as chairman of the University of California Board of Regents.
The tax proposal's linchpin is a 'business net receipts tax,' or BNRT, for which the closest comparisons are the value-added taxes used in Europe and a variant used in Michigan. When fully implemented, all businesses operating in California would pay a tax of roughly 4 percent on all their revenue minus deductions for capital investments, contractors and possibly health expenditures for employees."