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Tax Cuts

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OPINION
December 8, 2010 | By Dennis J. Ventry
Over the first 18 months of his presidency, Barack Obama cut taxes ? 25 different taxes, in fact ? for 95% of taxpayers. Yet when queried by pollsters on whether the president had "increased taxes for most Americans, decreased taxes for most Americans, or ? kept taxes the same," 44% of respondents said taxes went up, while 46% said taxes did not change. Now the president is making the same mistake again: cutting taxes in a way almost no one will notice and some may remember as a tax increase.
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CALIFORNIA | LOCAL
January 15, 2014 | George Skelton, Capitol Journal
SACRAMENTO - Gov. Jerry Brown's proposed rainy-day reserve is better than nothing, but it falls far short of what the state really needs to fix its cockeyed tax system. The governor is attempting to treat the symptoms of revenue instability rather than attacking the root cause of the ailment. At the root are two maladies: First, a politically convenient state income tax that leans too heavily on the rich, whose fortunes fluctuate wildly during times of boom and bust. Second, a very old sales tax too narrowly focused on retail goods rather than services.
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OPINION
June 23, 2013
Re "A tax system that targets workers," Opinion, June 20 Bob Lord's and Sam Pizzigati's analysis should form the conclusion of any study of the effects of supply-side economic policy since the time of Ronald Reagan. The evidence is in: Tax cuts do not pay for themselves and they are a poor strategy for growing our economy. At the end of 2012, the deficit topped $1 trillion, and in March, the government began implementing $85 billion in spending cuts. With regard to these cuts, Lord and Pizzigati omit a critical point: Back-door taxes in the form of fees have skyrocketed while the quality and quantity of public goods and services has plummeted.
SPORTS
July 6, 2013 | By Eric Pincus
The loss of Dwight Howard will take some time for the Lakers to get over, but the franchise saved a significant amount of money in his departure. With Howard on the books at $20.5 million, the team's payroll might have climbed to as high as $104.3 million -- assuming the Lakers would use their taxpayer mid-level exception of $3.2 million to add another piece. Under the new collective bargaining agreement, the tax rate shifts this season from flat to exponential. The Lakers at $104.3 million would be on hook for an astounding $97.9 million in luxury tax for a total of $202.3 million.
OPINION
September 15, 2010
Republicans and Democrats have kicked up so much rhetorical dust as they tussle over the economy, it's often hard to discern exactly they're fighting over. Such is the case with the soon-to-expire tax cuts enacted during President George W. Bush's first term. Some of the news coverage has implied that President Obama's plan would force some small businesses to pay half of their income in federal and state taxes. Meanwhile, the Democrats have made it sound as if ending the tax cuts for the wealthiest Americans is vital to closing the $1.3 trillion federal budget deficit.
NEWS
December 17, 2010 | By Lisa Mascaro and Michael Muskal, Reporting from Washington and Los Angeles
President Obama on Friday signed the bill that extends the George W. Bush-era tax cuts, while Congress moved to wind up its lame-duck deliberations in a session marked by the changing nature of politics and power. Speaking at the signing ceremony, Obama again defended his compromise, worked out with Republicans. Minority Leader Mitch McConnell (R-Ky.) was prominent at the ceremony, as was Vice President Joe Biden, who bargained with the Republican leader "This is real money that is going to make a real difference in peoples' lives," Obama said.
OPINION
July 11, 2012
The tax cuts signed into law by President George W. Bushare set to expire at the end of December, and the resulting increase in tax bills could be large enough to stall the already struggling economy. On Monday, President Obama called on Congress to renew the reductions for one year, but just for low- and middle-income Americans, not for individuals with taxable incomes above $200,000 or couples with incomes above $250,000. Given that there's virtually no chance of Congress acting on taxes before the November elections, Obama's announcement was a political gesture aimed at focusing the debate on the rates paid by the wealthy.
NEWS
June 5, 2012 | By Kathleen Hennessey
WASHINGTON -- Former President Clinton issued a statement Tuesday night trying to quell the dust-up created by comments he made earlier in the day about whether to extendGeorge W. Bush-era tax cuts.  Less than 24 hours after appearing at fundraisers with President Obama in New York and taking pains to appear on the same page with the administration, Clinton had appeared to say in a CNBC  interview that the Bush-era income tax cuts should be extended temporarily -- not allowed to expire at the end of the year as scheduled.
NEWS
November 22, 2011 | By Christi Parsons, Washington Bureau
President Obama was in a holiday mood on Tuesday, urging members of Congress not to "be a Grinch" by refusing to continue tax cuts that mean $1,000 a year for the average family. The payroll tax cuts are set to expire at the end of the year, but Democrats plan to bring the president's proposal for another vote next week. "In the spirit of Thanksgiving, we are going to give them another chance," Obama told a crowd in Manchester, N.H. Lawmakers are heading home this week for the Thanksgiving break but Obama hit the campaign trail Tuesday, portraying the GOP refusal to extend the payroll tax cuts as the same as actively voting to raise taxes.
NEWS
August 1, 2012 | By Lisa Mascaro
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.
OPINION
June 23, 2013
Re "A tax system that targets workers," Opinion, June 20 Bob Lord's and Sam Pizzigati's analysis should form the conclusion of any study of the effects of supply-side economic policy since the time of Ronald Reagan. The evidence is in: Tax cuts do not pay for themselves and they are a poor strategy for growing our economy. At the end of 2012, the deficit topped $1 trillion, and in March, the government began implementing $85 billion in spending cuts. With regard to these cuts, Lord and Pizzigati omit a critical point: Back-door taxes in the form of fees have skyrocketed while the quality and quantity of public goods and services has plummeted.
CALIFORNIA | LOCAL
May 9, 2013 | By Robin Abcarian, Los Angeles Times
Stephanie Nordlinger, who lives in a modest Baldwin Hills tract home, has been reading with interest the news stories about computer magnate Michael Dell and his low, low property taxes. Last week, the Times reported that Dell has saved more than a million dollars a year in taxes on a landmark Santa Monica hotel by exploiting a gaping legal loophole in the rules that govern how Proposition 13 is applied. By bringing his wife and two investment advisors into the 2006 deal for the Fairmont Miramar Hotel, my colleagues Jason Felch and Jack Dolan reported, Dell has so far been able to keep his taxes based on the hotel's 1999 assessed value of $86 million, rather than the $200 million he paid.
CALIFORNIA | LOCAL
February 27, 2013 | By James Rainey, Los Angeles Times
In the debate over who should be the next mayor of Los Angeles, who would you suppose argues for elimination of a business tax to kick-start economic growth? Not the one-time investment banker who dropped out of the race early and says killing the business tax would leave a huge hole in the city treasury. Not the lone Republican in the field, who wants more modest business tax reform. Not a City Council fiscal hawk, also a candidate for mayor, who says cutting the tax could leave the city with a $400-million shortfall.
BUSINESS
February 25, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - When it comes to the nation's debt, payback time might be here. Years of low tax rates and rising federal spending, amplified by the devastating economic effect of the Great Recession, have driven the U.S. borrowing tab to more than $16 trillion from less than $1 trillion in 1981. Deficit reduction has become the dominant issue in Washington. The first major tax increase since 1993 took place last month. And large automatic spending cuts - $1.2 trillion over the next decade - are set to kick in Friday.
NEWS
February 5, 2013 | By Jon Healey
Who says congressional Democrats aren't trying to cut spending? Senate Majority Leader Harry Reid (D-Nev.) seems determined to chop discretionary budgets by more than $100 billion this year, regardless of what economists (and the unemployment rate) may suggest about the fragility of the recovery. Granted, it's not that Reid is calling for the cuts to go into effect on March 1, as currently scheduled. In fact, he says the opposite. But the alternatives that Reid and House Democrats are floating are such political nonstarters, it's hard to imagine anything else happening.
OPINION
January 14, 2013 | Elton Gallegly, Elton Gallegly represented parts of Los Angeles, Ventura and Santa Barbara counties in the House of Representatives for 13 terms
Twenty-six years ago, I walked into the U.S. Capitol as a newly elected congressman, representing a district that stretched from Simi Valley to Gorman to Catalina Island. This month, I cast my last vote in Congress, joining 84 other Republicans and 172 Democrats to pass the "fiscal cliff" legislation. Being a member of Congress -- and representing the needs of 700,000 people back home -- is both an honor and responsibility. You are always aware that people around the world are watching Earth's largest democracy, with some cheering it on and some hoping it will fail.
BUSINESS
January 3, 2013 | By Alana Semuels, Los Angeles Times
Robert Briones weathered the downturn in the economy well, working more than he needed, going on a vacation to Norway with his family and eating out at lunch from time to time. But even the 48-year-old psychologist can't escape the latest blow to consumers' finances: a tax increase that will affect an estimated 160 million workers. As part of the deal on the so-called fiscal cliff, Congress extended tax breaks for middle-income families but did not extend a payroll tax cut that was set to expire this year.
NEWS
December 28, 2012 | By Jon Healey
Not to sound Panglossian, but all things considered, this whole "fiscal cliff" exercise hasn't been such a bad thing. I'm not saying it's been good for the economy or the public's faith in government. It's had the opposite effect, and things may get considerably worse on both fronts before the episode is done. I'm just saying it's been a less disruptive fight than the previous go-arounds -- or, potentially, the one to come. The underlying problem is a deep ideological split between Democrats and Republicans over the size and role of the federal government.
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