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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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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As we noted, California’s Board of Equalization has managed to misallocate nearly $50 million in tax revenue. BOE members have been spending public funds to promote themselves, staging useless events, and dishing out raises to high-salaried staff without performance reviews. The shabbily constructed BOE headquarters in Sacramento remains a safety threat and bottomless money…
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Last December, California governor Jerry Brown signed AB 1570, authored by former Republican assemblywoman Ling Ling Chang. Chang’s measure alters the state’s “autograph law,” formerly limited to sports memorabilia, to include any signed item worth more than $5, including books. As Anastasia Bolden of the Pacific Legal Foundation notes, this makes it “extremely risky,…
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