After sitting through three hours of Thursday’s tax commission meeting at UCLA, I’m less than confident that the body’s recommended package (an important compromise) has any prayer of passing the legislature.
But I do know one thing: the tax commission needs a time machine.
As part of its package of tax changes (flatter income taxes, a phase-out of sales and corporate tax, and the establishment of a business net receipts tax), the commission included a proposal for a rainy day fund.
If that sounds familiar, it should. A rainy day fund was part of Prop 1A, which was defeated by voters on the May 19 special election ballot.
The rainy day fund proposed by the commission is eerily similar to the Prop 1A fund. So much so that the commission seemed to be endorsing the measure – nearly four months after the election.
This may set some kind of political record for tardy political endorsements. As observers of the commission pointed out, the body discussed whether to endorse Prop 1A before the election but declined, out of political caution. Which is fine.
Now what they need is to find some way to send their endorsement back in time.
Not that it would have made much difference in the election.