Category Archives: California

Shock! Moody’s Reviewing California Municipal Finances

Posted on August 19, 2012 by Russ

In what is not shocking to me but is apparently shocking to Democrats in Sacramento, Moody’s announced it will be performing a comprehensive review of California municipal finances. So far this year three California cities have declared bankruptcy: Stockton, Mammoth … Continue reading →

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What Raising Taxes Accomplishes

Posted on August 12, 2012 by Russ

I grew up just outside of Chicago in Lincolnwood, Illinois. Last year the Land of Lincoln passed a huge tax increase. Personal income taxes increased by 66% (from a 3% rate to 5%); the corporate tax rate was also dramatically … Continue reading →

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El Monte Considering Sugary Drink Tax

Posted on July 26, 2012 by Russ

Many California municipalities face budget issues. One of these cities is El Monte, in the San Gabriel Valley east of Los Angeles. El Monte is looking at a $7 million deficit when a local sales tax expires in 2014. So … Continue reading →

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Sales Factor to be Weighed Equally in California

Posted on July 25, 2012 by Russ

For business entities operating in multiple states, apportioning corporate tax can be difficult. Every state has different rules. This is especially true when dealing with California. While California has a “single-factor” (sales) apportionment that can be used, there’s also a … Continue reading →

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More Municipalities in Trouble in California

Posted on July 22, 2012 by Russ

Yet another California city may be joining Stockton, Mammoth Lakes, and San Bernardino in bankruptcy. According to the Huffington Post, Compton has $3 million on hand but must pay out $5 million in the next month. The problems are the … Continue reading →

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The Tax War Against Medical Marijuana

Posted on July 15, 2012 by Russ

Think what you may about medical marijuana (legal in about 17 states), there is a certainty for federal income tax purposes: Marijuana is a Class I narcotic so deducting expenses on a tax return for a marijuana dispensary is a … Continue reading →

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In the Battle Between the Board of Equalization and the Humble Taco Truck…

Posted on July 15, 2012 by Russ

Entrepreneurs look for niches: Opportunities that aren’t being served well by current businesses. Enter the humble taco truck. These food kitchens on wheels tend to serve business workers looking for a quick and reasonably priced meal. I saw them daily … Continue reading →

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Did a Maryland Tax Increase Cause Taxpayers to Flee the State?

Posted on July 9, 2012 by Russ

An organization called ChangeMaryland has a new study that states that 31,000 individuals left the state from 2007 to 2010. ChangeMaryland believes that it’s the tax hikes in the state that have caused the exodus. Maryland is a decidedly liberal … Continue reading →

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Jerry Brown Dreams of a Tax Increase and Other California Tidbits

Posted on July 1, 2012 by Russ

Quite a few things to report on from the Bronze Golden State. First, the budget was signed by Governor Jerry Brown. The budget only “works” if voters approve the new taxes he proposed and that will be on the November … Continue reading →

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Stockton Likely to File Chapter 9 Bankruptcy This Week

Posted on June 25, 2012 by Russ

I used to work in Stockton, California. It’s a city east of the San Francisco Bay Area in central California. It’s in the San Joaquin Valley, and in recent years grew into a bedroom community for the Bay Area. And … Continue reading →

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