Arnold made no secret of his support for a Colorado-style Taxpayer Bill of Rights of 1992 a.k.a TABOR. The Cato Institute has been pushing for this in many states as of late.
See www.idtaxreform.com/TABOR/TABORgoal.htm which has links to Gov Schwarzenegger's support. Also see OMBWatch's articles on this subject at
http://www.ombwatch.org/article/articleview/2842/1/342/and
http://www.ombwatch.org/article/articleview/2776/1/91?TopicID=1this second one calls TABOR a "disaster". So, this is what Arnold has planned for California.
Gutting education, as Colorado is doing is already happening in California. If "Big Business" wants this they should also want to read what Arnold's economic advisor has to say. Warren Buffett is on record as saying corporations, especially the multinational globalization corporations, that offshore jobs and tax revenues, should be paying HIGHER taxes than they do now:
www.commondreams.org/headlines04/0306-01.htm
The TABOR craze that Republicans are on is more of the "starve the beast" republo-fascism stupidity that is being force-fed to an unsuspecting public like lambs to the slaughter. All the while, the outsourcing of jobs overseas and the importation of cheap foreign labor on H1B and other visa programs, not to mention the illegal immigration, continues to destroy the middle class tax base that made California great in the first place.
Sad how Ahnolds is playing politics with these issues while supporting 'globalization' policies responsible for the state's destruction !