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CNS--Gov. Arnold Schwarzenegger signed an executive order on October 30, creating the bipartisan Commission on the 21st Century Economy to re- examine the state's tax laws in an attempt to end the feast or famine state budget cycles.
"Unlike our diverse economy, our state's revenue system is the epitome of boom or bust and right now, we are paying the price," Schwarzenegger said at the signing ceremony at his downtown office.
When Assembly Speaker Karen Bass was installed May 13 she said "we have to ask the question of whether a tax structure that was established in the 1930s is sufficient to meet the needs of Californians in 2008."
Bass, D-Los Angeles, also said at the time she has asked two former governors, Democrat Gray Davis and Republican Pete Wilson, to assist the Legislature to identify the leadership and membership of a commission akin to the one created by Schwarzenegger.
"This commission has a tall order," Bass said.
"We need maximum performance in a minimum period of time. We're not looking to punt the problem, we're looking for a playbook filled with potential options."
The executive order gives Schwarzenegger six appointments to the 12- member commission, Bass three and three to Senate President pro Tem Don Perata, D-Oakland. The commission is required to report its findings to Schwarzenegger and the Legislature by April 15.