Monthly Archives: March 2008

It’s Just Bad Political Theater

Posted on March 12, 2008 by Russ

As expected, Assembly Democrats introduced AB9. It would add a 6% tax on oil drilling and a 2% tax on oil profits that exceed $10 million. Because it’s a tax the measure requires a 2/3 vote for approval—and it won’t … Continue reading →

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Aren’t Gasoline Price High Enough?

Posted on March 11, 2008 by Russ

The joy of being a Californian. The gas stations at Culver and Walnut in Irvine are having a price war—they’re seeing which station can reach $3.60 for a gallon of regular first. And if the Democrats in California’s Assembly have … Continue reading →

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My Side Business

Posted on March 11, 2008 by Russ

A good friend of mine called me late this afternoon and asked me for a referral. I asked him what he needed, and he told me, “Your side business.” I’m a writer (and I’m certain he knew that), so this … Continue reading →

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A Little Evasion

Posted on March 9, 2008 by Russ

It wasn’t that big of a week on the tax fraud front, with the exception of the German-Liechtenstein scandal that’s still around. But there’s a smidgen here and there to report on. In nearby Camarillo there’s a business owner who … Continue reading →

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California Should Reevaluate Government

Posted on March 9, 2008 by Russ

That’s the opinion of the Reason Foundation, a nonprofit 501(c)(3) organization dedicated to “advanc[ing] a free society by developing, applying, and promoting libertarian principles, including individual liberty, free markets, and the rule of law.” In an article titled “California Won’t … Continue reading →

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California Won’t Tax the Rebates

Posted on March 9, 2008 by Russ

The tax rebates (aka the stimulus payments) that will be issued beginning in May won’t be taxed by California. The Franchise Tax Board announced this last week. The FTB notes (as has the IRS) that in order to claim the … Continue reading →

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Section 1031 Exchange Primer

Posted on March 9, 2008 by Russ

Section 1031 exchanges are complex. The IRS has just released a fact sheet on these exchanges. These exchanges are used to defer gains on real estate. Hat tip: Roth Tax Updates

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Are California Government Employees Overpaid?

Posted on March 9, 2008 by Russ

An interesting question is whether California government employees are overpaid. We can now find out. Thanks to the Sacramento Bee we can now find out. The Bee has a searchable database of California government employees so we can now find … Continue reading →

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ePassporte Is a Foreign Bank Account

Posted on March 5, 2008 by Russ

I’ve been asked by some of my gambling clients about ePassporte, an e-wallet that’s now in widespread use. The question that has arisen is whether ePassporte is a foreign bank account like Neteller was. It’s hard to figure this out … Continue reading →

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What Sacramento’s Democrats Want

Posted on March 5, 2008 by Russ

If you’re a California resident (and taxpayer), you may want to buy a padlock. A big padlock. That’s because Democratic legislative leaders have resolved that the only solution to the budget crisis is to increase taxes. Senate President Pro Tem, … Continue reading →

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