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 |
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 |
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.
February 25, 2013 |
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.
February 5, 2013 |
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.
January 14, 2013 |
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.