If you’re ever in court, hopefully you won’t insult the judge. It might come back to bite you.
According to the Arlington (TX) Star-Telegram, Charles Ford and his wife Bivian Brumley were found guilty of tax evasion. Presiding at the trial was US District Court Judge John McBryde. During the trial, Ford and Brumley told the judge and the bailiff, “You’re Fired.”
Any bets on them receiving the maximum sentence (sentencing is May 20th)?
I no longer subscribe to the Los Angeles Times. The Times still has some solid points in its’ favor: a great sports section, and excellent coverage of the entertainment industry. But the bias in its’ political coverage is rampant.
Take this story (registration required), where George Skelton says, “…Finance Director Tom Campbell left open the faint possibility of a tax hike.” But that’s not what he really said: “…my strong advice would be that [tax hikes] would be a mistake. But I really think that is where the debate is likely to be.”
This article, which did not appear on the op-ed page, repeats the standard Democratic line: “[The] ‘reform’ governor cuts benefits for the elderly poor, welfare moms and the disabled who need home care â
One of my practice areas is gambling. It appears that the Mississippi legislature is looking at increasing taxes on casinos, according to this report in the Casino City Times. This will probably be good news for Louisiana’s casinos.
The “tax honesty” movement claimed that you didn’t have to pay US income taxes because the IRS was misapplying the law.
Al Thompson was the leader of one group of protesters. Note the use of “was.” His new home will be a Federal institution.
I remember when I hired someone who believed that he didn’t have to pay Federal income tax. He gave me a bunch of forms before he started on his first day, and told me that the income tax was illegal. I showed him to the exit door.
Article: Taipei Times.
It can be both, of course; however, the National Taxpayers Union says of the Federal budget deficit, it’s too much spending. While Nancy Pelosi states that President Bush and Congressional Republicans have, “completely abandoned fiscal responsibility,” the National Taxpayers Union has a different view.
“Our review of the numbers shows that if Congress had exercised even very modest spending restraint over the past half dozen years, we would have no deficit problem today,” said NTU President John Berthoud.
In this article, Berthoud is quoted that if spending growth had been limited to 3.2%, there would be a surplus.
I don’t often agree with Bill Lockyer, California’s Attorney General, but I absolutely agree with his view of RALs (Refund Anticipation Loans). These are available from tax preparers and allow you to get your refund “instantly.” There’s only one problem with the loans: interest rates that can reach 700%. They’re a good deal for everyone but the recipient.
Lockyer is quoted in this article in the Sacramento Business Journal.
Below, I comment on California’s bankrupt budgeting process. According to this report from the Heritage Foundation, the Federal budgeting process is only slightly better. Among the points made in the report is that the budgeting process has a bias towards increased spending and increased taxes.
I didn’t need a report to tell me that.
That’s the Democrats’ view, in this article in the Los Angeles Times. The article says that because of Proposition 13 limits on property taxes (properties are not reassessed until a change in ownership), California loses tax revenues.
It’s true.
It’s also true, but not stated in the Times, what the impact would be if this proposal were to pass. Fewer investments in California. Fewer jobs. Higher prices. As noted, California is already one of the most expensive places to do business in the US. But it’s not enough for the left.
If you run a business, you need to turn a profit in order to stay in business. If you have a non-profit, your revenues and expenses need to balance. But if you’re the Federal Government, you can have a deficit: you just print more money. Not the State of California, though; under California’s constitution, budget deficit’s aren’t allowed (laugh).
Of course, if you live here you know of our budget deficits, and the borrowing that has allowed “balanced” budgets. Now the Legislative Analyst has issued a report, Revenue Volatility in California, that California’s tax system is a mess.
Any bets on the Democratic legislature paying attention to the report?
After reading Hugh Hewitt’s Blog, starting a blog for Clayton Financial and Tax became a necessity, not a project for “tomorrow” (whenever that is). There are already some excellent blogs covering taxes (see the blogroll on the right–if yours isn’t included, email me a link and I’ll add it on), but only the Leonard Letter looks at taxes from a California perspective. My goal is to focus on taxes and how they impact what we, as citizens and taxpayers, get to keep in our pockets.
Inevitably, this means that I have to look at the politics behind taxes. An example is a proposal currently in front of the city council of Los Angeles which would increase the sales tax from 8.25% to 8.75% (the proposal failed to make it on the ballot by one vote). If this proposal were to pass, then business would increase in nearby cities (e.g. Burbank) because prices would be less expensive than in North Hollywood (part of the City of Los Angeles). That’s a positive for Burbank, but a negative for Los Angeles. Additionally, if prices increase in Los Angeles (they would), then sales will decrease.
I’ll also be looking at humorous tax events. Tax cheats, tax evaders, and humorous taxes are all fair game. And if I get wind of a politician saying things like Linda Stubbs of Middleton, Ohio, you will hear about it.
