Author Archives: Russ

$28 Billion?

California’s Legislative Analyst is projecting that the budget deficit, currently pegged at about $11 billion, might grow to $28 billion. What does the Legislative Analyst, Mac Taylor, want to do to cure the problem? A 5% income tax increase. I … Continue reading

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The Real Winners at the World Series of Poker

This year’s World Series of Poker concluded early this morning at the Rio Hotel and Casino in Las Vegas. The winner of the main event won $9,152,416 but would he actually end up with all that money? This year’s winner … Continue reading

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And They’re Born Every Day…

Two tales of Bozo tax preparers came out at week’s end, and both come from Denver. First, Kennedy Oduro liked to make sure his customers got refunds. He invented false deductions and credits, and saved his clients $283,000 in 2003 … Continue reading

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Charger Finds His Way to ClubFed

It hasn’t been a good year for the San Diego Chargers. Their best defensive player, Shawne Merriman, is out for the year. They’ve struggled on offense. Yet their only one game out of first place. For one former Charger it’s … Continue reading

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Schwarzenegger Proposes Big Sales Tax Increase

Governor Arnold Schwarzenegger proposed increasing California’s base sales tax from 7.25% to 8.75% to help close an $11 billion budget shortfall. If the measure passes the state legislature, Orange County’s sales tax would be 9.25%. The measure is billed as … Continue reading

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California Voters Haven’t Figured Out that Bonds Must be Paid Back

While the most hotly debated proposition on the California ballot was Proposition 8 (banning of gay marriage—it passed 52% to 48%) that was not the proposition with the biggest fiscal impact. There were billions of dollars of bond measures on … Continue reading

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California Races

Unfortunately, it’s likely to be well past midnight before we know the results of the statewide propositions and the local ballot measures. I value my sleep, so I’ll be reporting on these on Wednesday.

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It’s Time to Watch Your Wallets

It now appears certain that Barack Obama will become the next President of the United States. Congratulations to him. It’s an historic occasion when race really doesn’t matter in electing a president. That said, it’s now time to ponder what … Continue reading

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Remember to Vote

Today is Election Day, and that means you should exercise your privilege and vote. In California, you can go to the Secretary of State’s website to find your polling place.

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More Tax Fraud

There’s lots of fraud to report this week. Here are some more of the lowlights. First, the Treasury Inspector General for Tax Administration (TIGTA) issued a report noting that over $1.6 billion in false refunds were estimated to have been … Continue reading

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