CALIFORNIA | LOCAL
September 22, 2011 |
If President Obama really wants to see the "Buffett Rule" in action, he should look at California's tax system. The state has been plagued by it for years. The revenue stream is unstable and the state budget has been a deficit disaster. Soaking the rich — relying heavily on them for income taxes — has resulted in a precarious revenue roller coaster ride. It's either boom or bust in Sacramento, depending on how the wealthy are faring in the stock market and their other investments.
April 15, 1990 |
Money, it is said, is an emotional intensifier. Tomorrow--April 16--is tax-filing deadline for most of us, and prompts intense reflection on the current state of the American government. Most of the reflections, unfortunately, are melancholy. Ever since Ronald Reagan pushed through his first tax-reform act almost a decade ago, successive waves of tax changes have roiled the Congress, disrupted business and confused the taxpayer.
May 27, 2001 |
While lawmakers scrambled to provide a massive tax cut for Americans, senior citizens such as Lonell Spencer, a 72-year-old retired machinist who lives in Arcadia, wondered why they'd been left out. Thanks to a 1993 law that dramatically increased the amount of Social Security benefits subject to taxation, millions of middle-income seniors--people with incomes between $34,000 and $75,000--pay taxes at higher marginal rates than millionaires do. "This bothers me considerably," Spencer said.
December 22, 1993 |
Women's groups expressed chagrin Tuesday over this week's White House decision to forgive Bobby Ray Inman for failing to pay Social Security taxes for his housekeeper but said they will not seek to block his nomination as secretary of defense.
November 18, 1992 |
If you read between the lines, it is clear that President-elect Clinton is ready to prod the economy by reducing the payroll tax--the amount deducted from paychecks for Social Security. Doing so would increase take-home pay for more than 80% of the nation's workers and give a strong jolt to consumer spending. Nothing has been formally announced, but Clinton tipped his hand at a press conference Monday when he spoke about "how regressive the tax system has become. . . .
August 7, 1994 |
Every year, roughly 1 million retirees face the same troubling question: Should they wait until age 65 to claim their Social Security benefits or do they claim benefits earlier? If they wait, they get more. But does the extra amount make up for the cost of waiting? There is great debate, with some experts urging retirees to "go for the gold" as soon as possible, while others argue that given today's long life spans, you're better off waiting. So what's the right answer? Both.
January 12, 1990 |
The White House Thursday attacked a proposal by Sen. Daniel Patrick Moynihan (D-N.Y.) to provide a $55-billion cut in Social Security payroll taxes. "Democrats seem to want to fool around with the Social Security system," charged White House spokesman Marlin Fitzwater. "We don't."
CALIFORNIA | LOCAL
July 7, 1997
Re "Senate OKs Own Tax-Cut Measure," June 28: The current efforts by both the Senate and House of Representatives to concoct budget appropriations bills leave me dumbfounded. I still cannot, and will not, believe that we can eliminate the national deficit and afford the sizable tax cuts (which I dearly would love to have) that these plans offer, both at the same time. Yet, a significant majority of the public goes right along with these machinations. If we accept these bills as our solution, I strongly feel that we shall pay a steep and damaging price later down the road.
January 19, 1990 |
President Bush on Thursday denounced a proposal to cut Social Security payroll taxes by $55 billion next year, calling it a "charade" that would force an increase in income taxes or an eventual reduction in benefits. Although Bush has decided to try to squelch the proposal, a senior aide admitted that "there is a concern" within the White House that its potential political appeal could gather a powerful head of steam.
February 13, 1993 |
Key House Democrats told President Clinton on Friday that they would support raising taxes on the Social Security benefits of many retirees should he include the controversial proposal in his economic package. With the President's final proposal rapidly taking shape in preparation for its unveiling Wednesday, other members of Congress declared their backing for an energy tax that would help pay for a short-term stimulus program and long-term deficit reduction.