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Income Taxes

August 17, 2012 | By Patrick McGreevy and Michael J. Mishak, Los Angeles Times
SACRAMENTO - State lawmakers won't have to give up free Lakers tickets, Californians won't be able to bet on Dodgers games and Olympic medalists will probably not get tax breaks, after legislators shelved dozens of bills Thursday. Lawmakers also deep-sixed two proposals to regulate the controversial oil-extraction method known as fracking. The casualties included a measure by Sen. Sam Blakeslee (R-San Luis Obispo) that would have prohibited groups lobbying the Legislature from providing lawmakers with free sports and concert tickets, spa treatments, golf games and other gifts.
July 17, 2011 | Liz Weston, Money Talk
Dear Liz: I'm 25 and trying to maximize my tax savings and retirement contributions. I currently have two jobs: One is the typical salaried position with taxes withheld where I earn $45,000 a year, while the other is self-employed work I do on the side that grosses about $7,000 a year. Currently I have a Roth IRA that I max out and a 401(k) that gets the equivalent of 13% of my salary when combined with my employer's contribution. Given that I don't get a refund on April 15 and end up having to pony up a lot of money, is there a way for me to set aside my self-employment income into a retirement account such that I can just bypass all taxes on it, including payroll taxes?
November 10, 2012 | By Marc Lifsher, Los Angeles Times
SACRAMENTO - With little fanfare this week, California voters approved a plan to close a corporate tax loophole affecting out-of-state businesses, finance $2.5 billion in clean energy and energy efficiency projects and deliver another $2.5 billion to the state's beleaguered treasury over the next five years. It is a tax increase of modest proportions compared with most in California, but experts say it highlighted the politics of taxation and how some business levies engender strong passion whereas others draw little public attention or electoral opposition.
July 29, 2010 | George Skelton, Capitol Journal
An eternal optimist, state Senate leader Darrell Steinberg believes he has found a solution to this summer's annual budget standoff. It's conceivable. He calls it "a pathway." Any pathway to a balanced budget, however, still seems like a long trek. We're now four weeks into a new fiscal year without a state spending plan. "We need a greater sense of urgency," says Steinberg, a Sacramento Democrat. No kidding. Also some courage by Democrats to cut more spending and by a few Republicans to raise additional revenue to close a $19.1-billion deficit hole.
May 16, 2012 | Steve Lopez
In March, when I wrote that the tax increase proposals by Gov. Jerry Brown and civil rights attorney Molly Munger were unimaginative if not doomed, I got an email from Munger. She did not agree, at least with regard to her initiative. "Unimaginative?" she wrote, inviting me to meet with her. This week, I decided to take her up on her offer after watching Brown admit that the financial mess he told us about in January was nothing compared to the mess we're in now. Frankly, I don't know how the January estimates were so far off the mark, with a $9-billion hole turning into a $16-billion hole in less time than it takes to grow tomatoes.
August 27, 2012 | By Anthony York, Los Angeles Times
SACRAMENTO - Some of the largest corporate interests in California have poured millions of dollars into an initiative campaign this year, as they have many times before. But this time, they're not asking voters to ease industry regulations or limit government power. Instead, they want approval of an $8-billion-a-year tax hike pushed by Gov. Jerry Brown. Since taking office more than 18 months ago, the Democratic governor has held dozens of meetings with such unnatural allies as oil companies, insurers and telecommunications interests that typically stand with Republicans, taking stock of their concerns and pitching them on the need for higher taxes.
July 6, 2010 | By Ray D. Madoff
Dan Duncan is reportedly the first billionaire to die during the one year since 1916 in which there is no estate tax in place. His heirs have hit the tax-free jackpot. Duncan is the poster child for opponents of the estate tax. Described by the New York Times as a "soft-spoken farm boy who started with $10,000 and two propane trucks," he grew his business until he became the 74th wealthiest person in the world. With an estimated net worth of $9 billion, Duncan embodies the rags-to-riches story that Americans love.
January 27, 2010 | By Kim Murphy
Facing a budget crunch that threatened to close schools early, lay off teachers and slash healthcare benefits, Oregon voters ended two decades of tax scrimping Tuesday by approving higher taxes on corporations and wealthy families. The two ballot measures passed handily in a referendum watched closely around the country as a signal of whether voters are ready to approve targeted tax hikes to bail out cash-starved state treasuries. Oregon voters since 1990 have limited property taxes, rejected sales taxes and vetoed across-the-board income taxes.
August 16, 1986 | United Press International
The author of the book "Pay No Income Taxes Without Going to Jail" was sentenced to five years in prison Friday for helping clients cheat on their income taxes. Phillip Fry, 42, former owner of the Tax Information Center, a tax and financial investment service in New Concord, had pleaded guilty to fraud.
April 9, 1988
I have just finished computing my California income taxes for 1987, and I am aghast at the results. Under the pretext of "conforming" California's income tax code to the Tax Reform Act of 1986, Gov. George Deukmejian and the California Legislature raised my income taxes by 65%! To obtain this increase, I calculated California income taxes on my 1987 income and deductions using the 1987 tax rates and rules and then a second time using the 1986 tax rates and rules. The result is an increase of $2,000 or 65%!
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