Amends existing law to to provide for an automatic reduction in individual and corporate income tax rates upon the occurrence of certain revenue growth.

The purpose of this legislation is to create a plan to reduce taxes while acknowledging that sufficient funds must be available to sustain government services and functions and that additional funds are also necessary for inflation and population growth within the State. This legislation will reduce corporate and all individual tax brackets by 0.1% when revenue growth from year to year exceeds 6%. This process will repeat until the corporate tax rate and the top individual tax rate bracket reaches 6%. In addition, this legislation provides for a safety value that allows the governor and legislature to forgo the reduction if economic conditions necessitate.