|
Labor's Edge Articles by Sara Flocks
7/20/10
Tax Cuts Do Not Pay For Themselves
by Sara Flocks
A core part of Meg Whitman’s purported job creation plan is what she calls “targeted” tax cuts. And by targeted, Whitman actually means “for the rich.” She’s proposing to eliminate the state capital gains tax, which would mean that Whitman herself, and her billionaire buddies, would pay next to nothing in state taxes. The state, however, would lose billions of dollars in revenue.
The nonpartisan California Budget Project just released a new brief entitled “No Free Lunch: Tax Cuts Widen Budget Gaps” that analyzes the impact of tax cuts on the California economy. The CBP brief clearly explains how claims that tax cuts fuel economic growth are tenuous at best, and those cuts can do even worse damage to the economy by reducing state spending
5/20/10
Stop the Cuts, Close the Loopholes!
by Sara Flocks
California was once the envy of the country for our top-notch schools and universities, infrastructure and quality of life. Now California may become the only state in the nation to completely eliminate welfare-to-work assistance and job training for low-income families and their children.
The Governor’s May revision to the state budget proposes $17.9 billion in cuts to state programs, including eliminating welfare-to-work. Over the last two years, state programs have been slashed by $32.5 billion—and there is no relief in sight from this Governor.
4/7/10
Why is Bank of America Not Paying Any Taxes on $4.4 Billion in Income?
by Sara Flocks
Around this time every year, Californians scramble to finish doing their taxes and pay what they owe to the government.
But not everyone is paying their fair share. Forbes Magazine recently analyzed the tax returns of the top 25 U.S. companies and found out that they’re not paying much in taxes. In fact, corporations such as Bank of America, General Electric and Citigroup will not be paying ANY taxes this year --- they’re actually getting money back from the government.
3/17/10
Arnold Protects Tax Cheats, Refuses Tax Relief for Struggling Families
By Sara Flocks
At a time when California is facing yet another budget crisis, you’d think Gov. Arnold Schwarzenegger would want to crack down on tax cheats, especially if it meant that families and businesses would receive some tax relief as a result.
Think again.
This week, the Governor said he would not sign a bill passed by the Legislature to give tax relief to struggling homeowners and renewable energy companies because the bill would also increase the penalty on multi-million dollar corporations and the wealthiest Californians who blatantly cheat on their taxes.