AB2640 Seeks to Repeal 1031 Exchanges in California
March 15, 2010
First of all, for those of you who dropped me a note wondering if I was still alive, rest assured I am. Thanks for the concern. Now to the pressing issue, a bill within the California state assembly which seeks to repeal the tax benefits of 1031 exchanges in California. We’ve been discussing for a [...]
Read More >>S&P Cuts California Bond Ratings
January 14, 2010
California’s situation is getting worse, and S&P has taken notice by dropping its bond ratings for the second time in a year. California now has to spend more money on interest for any bonds it issues, exacerbating the budget crisis in the state and putting more pressure on the government to raise taxes at an [...]
Read More >>Efforts To Raise Commercial Property Taxes Gaining
November 17, 2009
They have fantastic names, “Protect Homeowners and Close Corporate Tax Loopholes Act” and the “Education and Taxpayer Fairness Act”, but the consequences could be pretty dramatic. The first would require reappraisals every three years on commercial property. The second would raise property taxes on commercial property by 55%. If any of these get the required number of [...]
Read More >>IRS Revenue Down 34% YoY
May 27, 2009
The IRS’s revenue is down 34% from last April according to a report by the American Institute for Economic Research. These numbers represent a stagflation of sorts for the federal government – their costs are rising rapidly while income is flat to down. At this rate, ultimately what this will lead to is taxation as it [...]
Read More >>Paul Krugman on California and Proposition 13
May 26, 2009
Despite the economic slump, despite irresponsible policies that have doubled the state’s debt burden since Arnold Schwarzenegger became governor, California has immense human and financial resources. It should not be in fiscal crisis; it should not be on the verge of cutting essential public services and denying health coverage to almost a million children. But [...]
Read More >>Proposition 13, Property Taxes, and Tenants
February 26, 2009
In the previous post we discussed plans on the table to hike taxes as an effort to help close budget deficits. As cities and the state continue to face tough economic decisions, there is increased scrutiny of Proposition 13, as it is seen by many as a way to help bring in additional revenue for [...]
Read More >>Capital Gains Tax Hikes Loom; Proposition 13 Tax At Risk
February 26, 2009
Obama’s budget, slated to take effect in fiscal year 2011, is expected to repeal old tax cuts and institute new ones in an effort to close the massive deficit. Part of his plans include taking the top tax bracket to 39.6% (from 35%), and also to raise taxes on capital gains and dividends to 20%, [...]
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