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Before a hundred-plus of the region’s business leaders, State Insurance Commissioner and GOP gubernatorial candidate Steve Poizner set down his 10-10-10 plan for putting California back into a leadership position. Poizner was a guest of the Sacramento Metro Chamber at its annual State Legislative Summit.
The annual State Legislative Summit brings the region’s business leaders to the State Capitol to advocate on issues that will build jobs and business prosperity. Issues run the gamut from the very specific—tax credits for angel investments in qualified small business stocks—to the general—fast track of regulatory changes to enhance competition with other states. View the complete list here.
Poizner, a Silicon Valley entrepreneur, was elected four years ago as one of only two Republicans voted into statewide office. Since then he has cut the budget of the State Insurance Commission by 15 percent.
“I am definitely not a career politician,” Poizner told the audience. “I’ve been in the trenches like you making payroll.”
If elected, Poizner’s plan is to overhaul the tax and regulatory system to make California again “the innovation capital of the world.”
In describing his 10-10-10 plan, Poizner first said he would cut sales, personal and corporate taxes by 10 percent and capital gains tax by 50 percent.
“How can we afford tax cuts? We cannot afford not to,” he said, noting California has one of the highest sales and income tax and vehicle license fees in the country and residents are leaving because of high tax rates, drawn to places like Nevada where there’s no personal or corporate taxes.
Second, Poizner would cut government spending by 10 percent. This would not be an across the board cut, but one “done the right way.” He would get rid of nonperforming programs and increase funding in others, like he did for the Insurance Commission, where he increased spending on fraud investigators. “There are 400 departments that haven’t been overhauled or modernized,” he said.
Third, the candidate by the end of his first term would put $10 billion into a state rainy day account, with funds coming from savings from budget cuts and increased revenues as people and jobs return to the state.
After Poizner's speech, the group business leaders teamed up in a dozen-plus groups and headed to the State Capitol to hold meetings with state legislators and their staffs.
“This is the beginning of the Metro Chamber’s advocacy efforts, not the end,” said summit event chair Martha Lofgren of Brewer Lofgren law firm.
Lofgren said the Metro Chamber will have a key theme this year of building sustainable growth, programs and products for the region, as set by 2010 Metro Chamber Board Chair Randy Sater, who will be inaugurated on Feb. 5 at the Metro Chamber's 115th Annual Dinner & Business Awards.
Next up in the Metro Chamber’s work to represent the interests of business to government, is the annual Capitol-to-Capitol event in Washington, D.C., set for April 17-21. Nearly 300 delegates are expected to participate, making the event the largest of its kind in the nation.