Category Archives: California

Another Week, No Progress for California’s Budget

Posted on September 7, 2008 by Russ

Frankly, the headline is all you need to know about the situation in Sacramento. Republicans announced a budget plan that had no new taxes; their plan was condemned by Democrats. Yet Democrats haven’t proposed anything acceptable to Republicans. So the … Continue reading →

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Interest Rate Changes

Posted on September 1, 2008 by Russ

While interest on underpayments to the IRS will increase to 6% from 5% in the third quarter, interest on underpayments to California will fall from 7% to 5% as of January 1st. Corporate underpayment interest in California will fall from … Continue reading →

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No Progress on the California Budget Front

Posted on September 1, 2008 by Russ

Another week and there’s absolutely no progress on the California budget front. Republicans won’t vote for anything with a tax increase and Democrats won’t vote for anything without a tax increase. The latest Republican proposal (which has major budget cuts … Continue reading →

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An Exit Tax and a Wealth Tax for Californians?

Posted on August 25, 2008 by Russ

An activist is now attempting to obtain 694,354 signatures to place a wealth tax/California exit tax on the 2010 ballot. This initiative would: – Impose a one-time tax of 55% on property exceeding $20 million of a California resident or … Continue reading →

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Good Summary of Hyatt Case

Posted on August 20, 2008 by Russ

The Las Vegas Review-Journal has published an excellent summary of the Gilbert Hyatt case and judgments. Mark Hutchison, Mr. Hyatt’s lead attorney, believes that the Franchise Tax Board will appeal the case. (I agree with him that the case will … Continue reading →

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This Week for the Budget? I Don’t Think So

Posted on August 19, 2008 by Russ

California Assembly Speaker Karen Bass told the Wall Street Journal that she expects to reach a budget compromise this week. I doubt it. The Democrats are still only arguing to increase taxes. Republicans in the Legislature vow that’s not going … Continue reading →

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$396.08 Million…and the Meter Is Still Running

Posted on August 17, 2008 by Russ

A Las Vegas jury told California’s Franchise Tax Board in no uncertain terms that the FTB’s conduct towards Gilbert Hyatt was reprehensible. I had speculated that the jury would award Mr. Hyatt $250 million in punitive damages; that was exactly … Continue reading →

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$146.88 Million and Counting

Posted on August 11, 2008 by Russ

Back in October 1991 Gilbert Hyatt moved from California to Nevada. California’s Franchise Tax Board didn’t think he did, so they commenced a residency audit. California determined that Mr. Hyatt didn’t establish residency in Nevada until April 1992. Normally, six … Continue reading →

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Another Week, No Budget

Posted on August 10, 2008 by Russ

No surprise, really, that California still has no budget and frankly there’s been no progress. Democrats want to increase taxes, Republicans don’t, and neither side is talking to the other. Yes, things are normal in Sacramento….

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Vacation Over; Budget — What Budget?

Posted on August 4, 2008 by Russ

As expected California is no closer to a budget today than when I left on my vacation two weeks ago. The Democrats in the Legislature remain convinced that the only solution is new taxes while the Republicans are convinced that … Continue reading →

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