As we noted, the Republicans’ tax bill lowers the corporate rate from 35 to 21 percent and according to the New York Times it will cut taxes for about 75 percent of filers in 2018. That is good news for taxpayers, who would do well to consider realities that have not changed, such as…
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The recently passed federal tax bill lowers the corporate rate from 35 to 21 percent, reduces rates in five of the seven tax brackets, and according to the New York Times will cut taxes for about 75 percent of filers in 2018. The bill also caps the amount of state taxes filers can deduct on their federal…
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As we noted, in 1990, Gilbert Hyatt was awarded the patent for the first single-chip microprocessor. This invention earned Hyatt a lot of money and he soon moved to Nevada, which has no state income tax. California’s Franchise Tax Board (FTB) claimed Hyatt lied about his residency, and that he owed millions in state…
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In 1990, Gilbert Hyatt was awarded the patent for the first single-chip microprocessor. The computer industry welcomed this invention, earning Hyatt a lot of money. He soon moved to Nevada, which has no state income tax. California’s Franchise Tax Board (FTB) claimed Hyatt lied about his residency, and that he owed $7.4 million in…
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President Trump’s new tax plan will cut seven tax brackets down to three, with rates of 10, 25 and 35 percent. The Trump plan also drops the top rate of taxation from 39.6 to 35 percent. The corporate income tax rate falls from 35 to 15 percent, and the estate tax is eliminated. Those…
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California maintains a state Board of Equalization that, contrary to its name, does not equalize anything. Board of Taxation would more accurate because the state body collects taxes, and as Adam Ashton notes in the Sacramento Bee, board members use some of the tax money they collect to promote themselves in their districts. In…
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In a Detroit studio, way back in the day, Barrett Strong sang, “Money, that’s what I want.” Many artists have since covered the tune and government bureaucrats croon it every day. As David Siders shows in the Sacramento Bee, they jack up the volume around budget time. The California Department of Conservation, for example,…
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When confronted with seismic-safety issues on the new span of the Bay Bridge, which came in 10 years late and $5 billion over budget, California governor Jerry Brown famously quipped, “shit happens.” As David Siders of the Sacramento Bee observes, Brown the former seminarian does better with the orthodoxies of statist superstition. “Never underestimate…
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This week voters in California will make the call on, count ‘em, 140 tax increases, from sales taxes to levies on soda and marijuana. If voters should wonder what is driving these tax increases, Mark Bucher of the California Policy Center has a few suggestions in his October 26 Sacramento Bee article headlined “Big…
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TAX BILL: OPEN IMMEDIATELY. Thus reads the envelope of the property tax bills now showing up in mailboxes. Note the imperative mood, the tone of “let’s hand over the wallet, Jack.” While embattled taxpayers deal with this bill, Robert Gutierrez of the California Taxpayers Association offers a few points to ponder. “Californians are paying…
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