Dear Governor Schwarzenegger:
California is faced with economic catastrophe. Only new sources of untapped revenue (with corresponding reduction in expenses) can save our great state.
1. Immediate imposition of a 10% State License Fee to sell addictive products: alcohol (not beer or wine), tobacco, guns, junk food, pornography,...
The IRS Qualified Intermediary Program has heightened scrutiny as a result of the federal investigation into the Swiss Bank, UBS (the world's largest private bank). U.S. Prosecutors allege UBS deliberately abused the Qualified Intermediary Program ("QI Program"), selling offshore banking services to U.S. Taxpayers to evade taxes.
In America, we tax productivity (Income Tax), savings (Estate & Gift Tax) and investments (Capital Gains Tax). We finance addictive consumption (cigarettes, alcohol, junk foods, gambling and pornography). The addictive consumer freeloads off the U.S. Taxpayer while major corporations make exorbitant profits. Who wrote these rules?
California (which is now...