[Source: CNN] President Joe Biden signed a $1.2 trillion infrastructure bill into law Monday, finalizing a key part of his economic agenda. It will deliver $550 billion of new federal investments in America’s infrastructure over five years, touching everything from bridges and roads to the nation’s broadband, water and energy systems. Experts say the money Read More…
Tag: taxes
Senator Patricia Bates reintroduces measure to strengthen Prop. 13 and end abuses
[Source: Orange County Breeze] Senator Patricia Bates (R-Laguna Niguel) announced today that she has reintroduced legislation to correct an outdated interpretation of property “change of ownership” that has been part of the long running debate around commercial property and Proposition 13 (the 1978 initiative that limited property tax increases). “Proposition 13 ensures that property taxes Read More…
Now is not the time for tax increases
[Source: CalChamber] When Governor Newsom endorsed Prop 15 in September – which voters soundly rejected in November – he specifically said “In a global, mobile economy, now is not the time for the kind of state tax increases on income we saw proposed at the end of this legislative session and I will not sign Read More…
California tax revenue billions higher than expected, thanks in part to federal help
[Source: Sacramento Bee] From July through September, California collected $8.7 billion more in tax revenue than anticipated, according to the state’s Department of Finance, a bright sign amid a year of devastating economic news. The numbers (http://www.dof.ca.gov/Forecasting/Economics/Economic_and_Revenue_Updates/documents/2020/Oct-20.pdf) reflect the positive effect of federal aid, which came in the form of one-time $1,200 checks for individuals Read More…
Prop. 15 would threaten small businesses and hinder economic recovery
[Source: CalMatters] I’m not going to write about the “new normal” resulting from COVID-19. While the topic is ever-present, what dominates my time and energy is creating a predictable and positive business environment to help small businesses get back on their feet. Small businesses, particularly minority-owned small businesses, are the lifeblood of California’s economy. A Read More…
Prop 15 would be catastrophic for an already devastated economy
[Source: Lisa A. Bartlett, O.C. Board of Supervisors] Amid an unprecedented global pandemic that has had a devastating effect on our economy, and caused great financial hardship to millions of Californians, proponents of Prop 15 now want to impose even greater hardship on families and local businesses. How? By enacting the largest annual property tax Read More…
Massive new tax increase proposed
[Source: California Globe] Gutting-and-amending a bill originally related to local governments in the Public Resources Code, Assembly Bill 1253 now proposes a massive tax increase on thousands of sole proprietors and high-income Californians. AB 1253 was amended on July 27, the Legislature’s first day back from its extended summer recess. Originally authored by Assemblyman Robert Read More…
Appeals court makes tax increases easier
[Source: CalMatters] The March primary election was rough on advocates of new taxes. Hundreds of tax hikes — sales and parcel taxes, mostly — were placed on the ballot by cities, counties and school districts whose finances were being squeezed. However, voters rejected roughly half of them, reversing what had been a recent trend. The Read More…
Beware of sleight-of-hand in Prop 15 numbers
[Source: Fox and Hounds Daily] The Yes on Proposition 15 campaign has bandied about all kinds of figures on how many commercial properties will pay a bulk of the new record property tax increase if the measure passes. First, they showed a study that reported 6% of the properties will pay 78% of the taxes. Read More…