The PRI flat-tax plan for California will greatly simplify the current tax code. It will completely eliminate the alternative minimum tax, as well as estate, inheritance, and gift taxes.
Californians may have paid their federal and state taxes last month but the Golden State remains in a fiscal crisis with a projected 2008-2009 fiscal year budget deficit as high as $20.2 billion, according to the governor’s estimate on April 29. Such budget crunches hit California because of its highly punitive tax code.
