"TAXCAP"

RECOMMEND THAT THE CONSTITUTION OF BRITISH COLUMBIA BE AMENDED TO ALLOW FOR "TAXCAP" AS FOLLOWS:

1. THE GOVERNMENT OF BRITISH COLUMBIA MAY DEMAND OF THE TAXPAYERS NO MORE THAN A CERTAIN PERCENTAGE OF THE GROSS PROVINCIAL PRODUCT (GPP) AS NET REVENUE IN ANY FORM (TAXES AND OTHER). THIS PERCENTAGE MAY BE ESTABLISHED EITHER BY PUBLIC REFERENDUM OR BY THE WINNING POLITICAL PARTY AS STATED DURING AN ELECTION CAMPAIGN.

2. DEFICIT FINANCING SHALL BE CONSIDERED DEFERRED TAXATION AND SHALL BE INCLUDED IN THE ABOVE.

3. ONCE THIS PERCENTAGE IS ESTABLISHED, IT SHALL NOT BE INCREASED EXCEPT BY PUBLIC REFERENDUM OR A CHANGE IN GOVERNMENT.

4. IF THE GOVERNMENT OF BRITISH COLUMBIA EXCEEDS THE SPECIFIED PERCENTAGE, AN ELECTION MUST BE CALLED AND THE EXISTING GOVERNMENT DISSOLVED. ITS BUDGET AND SPENDING AUTHORITY SHALL BE NULL AND VOID.

5. THE GOVERNMENT OF BRITISH COLUMBIA SHALL ESTABLISH AND ADHERE TO "GENERALLY ACCEPTED ACCOUNTING PRINCIPLES FOR GOVERNMENT" (GAAP-G) AS OUTLINED BY THE CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS AND THE CERTIFIED GENERAL ACCOUNTANTS OF CANADA (AS AMENDED FROM TIME TO TIME).

6. CAPITAL EXPENDITURES SHALL BE AMORTIZED IN ACCORDANCE WITH THE ABOVE PRINCIPLE (5).

7. IN THE CASE OF A DECLARED PROVINCIAL OR NATIONAL DISASTER, "TAXCAP" SHALL BE SUSPENDED.