June 27, 2011 |
President Obama is convening the top two Senate leaders at the White House on Monday to restart debt negotiations after talks imploded last week over taxes and both sides struggle to reach agreement with a fast-approaching deadline. It marked a crucial moment as both sides hoped to resolve the impasse to send a message to jittery financial markets well in advance of the Aug. 2 deadline. That goal now seems in doubt. The nation risks unprecedented federal default in August if the nation fails to raise the $14.3-trillion debt limit and allow further borrowing.
May 3, 2012 |
Are Americans taxed too much or too little? The answer depends on your frame of reference. The Tax Foundation released a report Thursday declaring that Americans will cumulatively pay more in federal, state and local taxes this year than they spend on food, clothing and shelter. That's not exactly new news. Total tax payments exceeded total spending on food, clothing and housing in all but one year from 1987 until the latest downturn. So if the foundation's projection for 2012 holds true, it merely will be the resumption of a trend after a three-year recession-fueled lapse.
October 6, 1987 |
California taxpayers, already in line to receive a $1.1-billion tax rebate this year, could receive another $428 million next year because of higher than expected tax revenues, a state fiscal advisory commission said Monday. The Commission on State Finance, in its quarterly report on tax revenues and expenditures, said tax revenues are currently running $473 million higher than previously expected by the Deukmejian Administration for the budget year ending in June, 1988.
CALIFORNIA | LOCAL
May 24, 2008 |
The city filed for bankruptcy protection Friday after administrators were unable to sufficiently trim a nearly $17-million shortfall. The Bay Area city, with a population of about 120,000, had been bracing for the possibility since February as tax revenues fell and employee costs remained high. Eighty percent of the city's budget goes to police and firefighters, far above the norm for most California cities. "I had hoped that even at the 11th hour and 59th minute we could come up with an alternative," Vallejo Mayor Osby Davis said.
June 13, 1985
The City Council will consider approval of a $15.2-million budget for fiscal 1985-86 on June 27. As proposed, the budget represents a 9% increase from the current $13.8-million budget and allows for a $500,000 increase in reserves, now at $2.5 million. During the past year, sales tax revenues increased by 16%, to $10.5 million, adding $1.5 million to reserves. Included in the budget increase is a 4.
October 3, 1985 |
Eight developers paraded their dreams in front of the City Council this week, each with the hope of becoming surgeon for the face lift of a blighted area. City officials are perusing the proposals for redevelopment of a 20-acre site along the San Diego Freeway at Rosecrans Boulevard that they hope will bring the city added revenue and become a landmark in the South Bay. The council on Monday voted 4 to 0 to hire a consulting firm to evaluate the proposals.
October 13, 1995 |
Beginning in January, state law will allocate tax revenues generated by automobile leases to the municipalities where each deal is cut. Gov. Pete Wilson this week signed a bill changing existing rules so that the tax revenue from a leased automobile no longer will be divided by municipalities throughout the county where the person leasing a car lives.