CALIFORNIA | LOCAL
January 3, 2013 |
SACRAMENTO - Washington's avoidance of the so-called "fiscal cliff" is generally good news for California's finances. But the deal approved by President Obama on Wednesday will still take a bite out of the state budget. The legislation won't allow California and other states to keep a portion of revenue from the federal estate tax, a levy on wealth inheritance. California hasn't received any revenue from the tax since 2004, and analysts doubted that Congress would reverse course and restore the money.
January 2, 2013 |
Whatever the ultimate shape of the "fiscal cliff" solution that has preoccupied all Washington, and a fair swath of the rest of country, in the final days of 2012 and into the new year, Americans of all walks of life should be asking themselves this question: How do we like being conned? The deal, passed by the Senate on New Year's morning, was made final late Tuesday when the House of Representatives signed on. Its essential elements include expiration of the President George W. Bush-era income and capital gains tax cuts on couples' incomes over $450,000, and a modest increase in the estate tax. Unemployment benefits and tax credits for lower-income families will be extended.
CALIFORNIA | LOCAL
November 17, 2012 |
One of the largest public employee unions at Los Angeles City Hall handed a potentially costly setback to a plan for a new half-cent sales tax, announcing Friday that its political advisory board opposes the measure. Service Employees International Union Local 721's political education committee recommended unanimously Thursday night that the group take a position against the tax, which is backed by City Council President Herb Wesson for the March 5 ballot. The council's final vote on that tax is slated for next week.
October 17, 2012 |
GOP presidential candidate Mitt Romney could not have been surprised when his tax plan came under attack by President Obama at Tuesday night's debate. After all, both Obama and Vice President Biden had focused on the plan before, contending that there was no way it could work as Romney claimed. So why, then, did Romney stick to the same vague response? Not only that -- he punted on a telling follow-up question about how he'd respond if he could get some but not all elements of his plan through Congress.
August 1, 2012 |
WASHINGTON - House Republicans voted to keep tax rates at their current level through next year, using one of their last votes before recessing for most of August to approve politically symbolic legislation that President Obama has vowed to veto. The vote Wednesday was intended to showcase the contrast between the GOP view on taxes and the one pushed by Obama and congressional Democrats. The Senate, with its Democratic majority, already has approved a measure that would allow income tax rates to rise on annual earnings above $200,000 for individuals and $250,000 for couples - a move that would affect the top 2% of earners.
July 25, 2012 |
WASHINGTON - In a political gamble that will reverberate through the November campaigns, the Senate, over the objection of Republicans, approved President Obama's plan to give tax breaks to all but the top 2% of American taxpayers. Democrats believe Wednesday's action will shift the debate in a Congress that has been stalemated by partisan inaction, giving momentum to Obama's proposal - and drawing a contrast with Mitt Romney, the Republican presidential candidate - by sending it to the GOP-led House.