One Man's Tax Hike

So Dem in GOP clothing Ahhnuld has taken his first move as goobner of California. He's leaving his $175,000 salary in the state's general fund. Isn't that the same as imposing a 100% income tax rate on the governor's salary? I thought it was his money and that the state didn't know how to employ the capital as effectively as the private sector? That's always been the GOP mantra when it comes to taxes.