The California Commission on the 21st Century Economy has delayed the release of its final report until later this week. The commission reportedly will call for a new 4% business net receipts tax in exchange for elimination of the corporate income tax, elimination of the state portion of the sales and use tax, and a reduction and flattening of the personal income tax to two brackets. The commsion also will recommend an enhanced "rainy day fund" and the creation of a new tax court.
