Activists, Unions Take Aim at Governor Brown’s Budget Grip

California Governor Jerry Brown has been known to rule the state’s budget with a tough grip. Not much has passed or been voted down without him having a hand in the decision. The governor has fought for tax hikes, put the kybosh on new programs that call for more spending and worked tirelessly on building up the state’s rainy day fund. However, someone might have finally cracked the fortress.

Thanks to some new efforts by activists and unions who want tax reform and additional funding in the state, the governor may have to let go of his grip, at least just a hair. That’s because several different attempts from various sources are pushing the governor for various different reasons. For example, the reasons for these new proposals include getting more funding, building a shield against another recession and pushing a political agenda.

One proposal would extend the higher taxes that Gov. Brown himself campaigned for in 2012. Another proposal would change California’s landmark restrictions on property taxes, which could help increase money from commercial interests. Still, another proposal is calling for an oil extraction tax and yet another possible plan would be to increase the cigarette tax levy.

Meanwhile, although the governor has yet to publicly respond to these proposals he has stated before that he does not favor extending Proposition 30, which increased levies on the highest earners and raised the sales tax by a quarter-cent. Brown does not want lower and middle class families to end up paying more in taxes in an effort to stabilize revenue collection.

Posted in
Tax on Foreign Income of US Citizens or Residents

Tax on Foreign Income of US Citizens or Residents

Tax on Foreign Income of US Citizens or Residents Foreign Earned Income Exclusion Individual US citizens and residents are taxed on their worldwide income. However, IRC Sec. 911 provides that qualified taxpayer can elect to exclude foreign earned income up to $87,600 from taxable income. (Read IRS Pub 54 for more details.) The qualifications are:…

IRS Eases Reporting Burden on Corporations and Shareholders

IRS Eases Reporting Burden on Corporations and Shareholders

IRS Eases Reporting Burden on Corporations and Shareholders WASHINGTON — The Internal Revenue Service today announced new regulatory revisions that will reduce the reporting burden on corporations and shareholders while also making it easier for them to file their tax returns electronically. The announcement is part of an on-going effort by the IRS to remove…

How Is That Federal Tax Code Treating the Uber Rich?

How Is That Federal Tax Code Treating the Uber Rich?

How Is That Federal Tax Code Treating the Uber Rich? Earlier this year in his annual State of the Union Address, President Obama spent much of his speech discussing taxes. Specifically he talked greatly about the unfair tax system that favors the rich. If the president’s claims were to be believed, then you would think…

Tips to Help Taxpayers with January 30 Tax Season Opening

Tips to Help Taxpayers with January 30 Tax Season Opening

We thought it a good idea to share some tips to help taxpayers with the January, 30 tax season opening.  The IRS will begin processing most individual income tax returns on Jan. 30 after updating forms and completing programming and testing of its processing systems. The IRS anticipated many of the tax law changes made…