The annual budget question: Is this the year California finally closes billions of dollars in tax loopholes in order to balance its books?
What? And stop the fun?
One man’s loophole is another man’s job creator. But who’d have thunk the Assembly Republicans (rather than the Senate GOP) would be so politically tone deaf to preserve the yacht tax loophole? If that’s a sign of things to come, then loophole closure is easier said than done.
We’ll close a few and – in our dire need to get GOP votes – probably open a few.
No…now is the year to finally get spending in line with revenues…not raise taxes.
A “loophole” for one is an “economic incentive” to another. Not likely.
Close tax loopholes? Please. The only reason we are functioning as an economy today is because of those ‘loopholes’. Close them and it’s good night nurse.
No. They’ll talk about it and do nothing, as usual.
During a recession? Loopholes alone will not balance the budget, and increasing general taxes will not happen. (John, you need to start using higher quality drugs)
Why should this year be different than any other year? There will be the usual obfuscation and hiding of the ball. By the way, do you think they’ll admit to the mandates and show them as a liability?
Read my lips: Closing a tax loophole is a tax increase. A tax increase requires 30 GOP votes in the Senate and 64 GOP votes in the Assembly (each Republican member has to vote twice for it, just to make sure they really mean it). So, odds that those loopholes will close are nil. Unless, of course, a specific loophole only applies to a family of four making less than $20,000 a year.
Maybe a few get closed. But once they’ve done the yachts, it gets tough. So only a small amount of savings happens.
What loopholes? Those “loopholes” the Democrat budgeters are always whining about are simply products or services that are currently not taxed. Why should everything be taxed?
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