What California should be doing is curing the disease by reforming the tax system, stabilizing it and ridding us of the volatility. Broaden the tax base and bank less on the rich, whose incomes fluctuate wildly during periods of boom and bust.
The revival of California’s economy and a rising housing market mean some hefty property tax increases for homeowners, the Legislature’s budget analyst believes.
Fillmore & Western Railway Co. may be forced to shut down as a result of a legal dispute with the Ventura County Transportation Commission, which recently filed a lawsuit to evict the company.
Gov. Jerry Brown on Tuesday signed into law a 10-year exemption from state taxes for certain property used for space flight operations in California.
States’ unemployment insurance trust funds were battered by the Great Recession. Thanks to a spike in demand for jobless benefits, some went deep in debt to pay for help for the unemployed. Some still have billions left to repay.
The state began borrowing in 2009 and accounted for more than $10 billion of the debt at its peak, but it has declined only slightly – thanks to a political stalemate in the Capitol – and California now accounts for nearly half of the national debt total.
Texas struck again Monday, luring Toyota Motor Corp.’s headquarters away from Torrance and forcing California officials to defend the state’s business climate anew.
California Democrats proposed a bill Thursday that would raise state taxes on publicly traded companies that pay their top-earning employee 100 times as much or more as the company’s average worker.
Lawmakers advanced legislation Wednesday that would allow employees that are denied wages to record a lien on an employer’s property and the property where the employee worked.
A bill that would allow nonexempt employees to negotiate an alternative work schedule of up to 10-hours a week without overtime died Wednesday in an Assembly labor committee.
Mr. Bocanegra is leading an aggressive push, along with entertainment companies and Hollywood unions, to hand out as much as $2 billion in new tax breaks to increase movie and television production in California, which has lost business to states like New York with far more generous subsidies. Last year, for the first time, more studio movies were filmed in Louisiana than in California, according to the nonprofit FilmL.A.
Problems at some of the state’s fuel refineries have sent gasoline prices soaring in California just in time for the kickoff of the busy driving season.
After a months-long battle with the city of Irwindale over complaints about a spicy odor, Sriracha sauce creator David Tran said Wednesday he is now seriously considering moving his factory to another location.
Contrary to the oft-repeated claim that high-income Californians pay an unfair amount of taxes, it is actually California’s low-income households who pay the largest share of their incomes in state and local taxes. Given widening income inequality over the last generation, and the ongoing economic challenges facing Californians in the aftermath of the Great Recession, policymakers could take specifi c steps to reduce the regressive nature of California’s system of state and local taxes and to promote economic security for low-income families.
For nearly two decades, the Tax Foundation has published an estimate of the combined state and local tax burden shouldered by the residents of each of the fifty states, regardless of the jurisdictions to which those taxes are paid. We argue that it is important to note that a taxpayer’s true tax burden must include the substantial taxes they pay directly or indirectly to out-of-state governments.