Category Archives: California

All Talk and No Actions

Posted on June 15, 2009 by Russ

The California budget fiasco continues. In theory, the state must have a new budget in place by June 15th—tomorrow—in order for short-term loans to be taken out in July. There’s no chance of that. It’s not that Democrats and Republicans … Continue reading →

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California’s Other $17.8 Billion Deficit

Posted on June 4, 2009 by Russ

California currently has a $24 billion budget deficit. Would you be surprised to learn that there’s another $17.8 billion budget deficit on top of the current budget fiasco? It’s true. California has had a major problem with the funding of … Continue reading →

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June 15th Deadlines

Posted on June 3, 2009 by Russ

As a tax accountant I know of several deadlines that fall on June 15th. If you were out of the country on April 15th, June 15th is the deadline to file your tax return (or file an extension). June 15th … Continue reading →

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Proposition 8 Upheld

Posted on May 26, 2009 by Russ

Back in November California voters passed Proposition 8. This constitutional amendment to California’s constitution declared that the only legal marriage is between a man and a woman. The California Supreme Court upheld Proposition 8 today. The impact of this is … Continue reading →

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What’s Next for California

Posted on May 21, 2009 by Russ

California voters rejected Propositions 1A-1E yesterday. Voters told Sacramento in no uncertain words it’s time to cut programs, and spend only the money you have. It will be interesting to see if the Democrats in control of both houses of … Continue reading →

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Special Election on Tuesday

Posted on May 17, 2009 by Russ

On Tuesday Californians will vote in a special election on six initiatives that, even if they pass, will still leave the state with a $15 billion deficit. The Flash Report quotes Americans for Tax Reform: The California government has lived … Continue reading →

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Proposition 1A: Budget Process

Posted on May 11, 2009 by Russ

Proposition 1A is the last of the six initiatives that Californians will vote on next Tuesday. The title of this initiative states, “STATE BUDGET. CHANGES CALIFORNIA BUDGET PROCESS. LIMITS STATE SPENDING. INCREASES “RAINY DAY” BUDGET STABILIZATION FUND.” If only it … Continue reading →

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BOE Staff At Work

Posted on May 11, 2009 by Russ

Bill Leonard, who I just linked to, is one of the five elected members of the Board of Equalization. The BOE directly administers California sales taxes, and hears appeals of various tax rulings. A few years ago a gentleman declared … Continue reading →

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April Sales Tax Collections 12% Below Projection

Posted on May 11, 2009 by Russ

What happens when tax rates increase? Tax Collections decrease. That’s been shown time after time. So what has happened when California raised sales tax rates statewide on April 1st? Bill Leonard is reporting that collections fell 12% in April. Of … Continue reading →

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Proposition 1B: Education Funding Plan

Posted on May 10, 2009 by Russ

At least the title isn’t deceiving. And that’s about the only good thing to say about this measure. The impartial analysis by the Legislative Analyst notes, “Because there is uncertainty over how the Constitution would be interpreted in its current … Continue reading →

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