This measure would make major changes in the way in which California’s state and local governments raise revenues and finance programs. This would be accomplished by (1) replacing the existing sales and use tax (SUT) with a value added sales tax on certain tangible personal property, (2) replacing various excise taxes, (3) eliminating certain local taxes and fees, (4) eliminating taxing authority of certain local governments, and (5) making certain other changes in the law governing taxation.