May 18, 2012 |
WASHINGTON - Eduardo Saverin fled Brazil as a boy and lived the American dream by helping found Facebook Inc. Now two U.S. senators want to make sure he never sets foot in the U.S. again unless he pays tens of millions of dollars in taxes he will owe after the company's initial public offering Friday. Saverin renounced his U.S. citizenship this year and is living in Singapore, a country with no capital gains tax. Sens. Charles E. Schumer (D-N.Y.) and Bob Casey (D-Pa.) denounced him Thursday as a tax dodger and introduced legislation to punish anyone who gives up citizenship to duck big tax bills.
CALIFORNIA | LOCAL
January 15, 2012 |
The future of California's public schools, universities and health programs could be linked partly to the fictional town of FarmVille. The popular virtual world is the creation of Zynga, a San Francisco online game company that raised $1 billion in an initial public stock offering last year. Because California receives much of its income from capital gains taxes, such moves by businesses like Zynga can mean hundreds of millions of dollars for state coffers. More California technology companies are poised to go public this year - including a widely expected $10-billion offering from Facebook - than at any time since the dot-com boom, experts say. Their success could relieve state officials of the need to cut state services more deeply in the budget year that begins in July, but Gov. Jerry Brown and his fellow Democrats are already squaring off over whether to count on the fruits of those transactions.
February 11, 2011 |
There's an e-mail going around warning that anyone who sells their home after 2012 "will pay a 3.8% sales tax on it" to help fund President Obama's healthcare reform law. "Oh, you weren't aware this was in the Obamacare bill?" says the e-mail, which is being forwarded by many people but the origins of which remain a mystery. "Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either. " The e-mail was called to my attention by Chino resident Ken Burton, who wanted to know whether it was legit.
July 25, 2010 |
Is it too much to ask that the best-financed statewide political campaign in the country — maybe in U.S. history — get things right about a central tenet of its electoral platform? The question arises from GOP gubernatorial candidate Meg Whitman's new glossy campaign brochure, titled "Creating Jobs for a New California." In it she proposes killing the state tax on capital gains. "California is one of a few states in the country that taxes capital gains at a higher rate than traditional income," the booklet states.
June 23, 2010 |
Britain's new coalition government on Tuesday unveiled the country's most painful budget in a generation, outlining a program of deep spending cuts and tax hikes in line with the mood of public austerity sweeping across Europe. George Osborne, chancellor of the exchequer — Britain's equivalent of Treasury secretary — said drastic measures affecting everyone were unavoidable to mollify jittery investors and tackle the nation's biggest national deficit since World War II. The emergency budget calls for rises in sales and capital gains taxes and reductions in welfare benefits to help erase the government deficit within six years.
CALIFORNIA | LOCAL
April 8, 2010 |
A major feature of Republican Meg Whitman's plan to create jobs as governor is to eliminate the state tax on capital gains. Not merely tax investment profits at a lower rate than wages, as the federal government does, but scuttle the state tax completely. Most people don't need to worry about paying taxes on capital gains. They're not so fortunate. But a relatively few wealthy Californians pump substantial sums into the state treasury, which would leak even more red ink if those payments ceased.