Last week, I promised you an opportunity to gauge your understanding of the consequences of Congress failing to extend current tax rates before the year ends. Well, below you will find a short multiple choice quiz to assist you in testing that understanding. Good luck!

1) Currently there is no Death Tax. However, on January 1, 2011, the Death Tax will come back at a rate of:

a) 55% of all family assets over $1 million. (This is not indexed for inflation, so the "value" of that $1 million exemption will drop over time.) b) 45% of family assets over $3.5 million. (Indexed for inflation.) c) Zero, if you are a member of a government employee union; and 95% if you are not. d) Death will be made illegal, and will be punishable by confiscation of all assets of those who violate the law. e) Your tax will be inversely proportional to your global warming carbon footprint.

2) Currently, the highest individual tax rate on dividend income received from a corporation is 15%. This is after the corporation has paid 35% tax on the income before paying the dividend. So, under current… Read More

Over the last seven months since I announced my candidacy for State Controller, I have been profoundly blessed to have the support of thousands of Californians from across the state who realize we need a complete reinvention of Sacramento. We will continue to deliver no-nonsense solutions to the excessive bureaucracy that has plagued our state and resulted in billions of dollars of government waste. I am honored to have the support of Governor Romney as we fight to bring these changes to Sacramento on November 2nd.

Governor Romney said: “Tony Strickland is the kind of leader who can help get California back on track. State government is too big and bloated and far too expensive to be sustainable. Leaders like Tony Strickland are what we need to cut the waste and restore fiscal sanity. I am proud to support Tony Strickland as the next Controller of the State of California.”

We have only three weeks until Election Day. … Read More

Last week on his well-regarded California’s Capitol blog FR friend Greg Lucas (who covered the policy and politics of the State Capitol as a correspondent for the San Francisco Chronicle for nearly two decades) took the opportunity to write about some of the politics of the State Senate race in California’s First District. Due to the unfortunate passing of Senator Dave Cox (who ultimately lost a long battle fighting cancer) there is a special election taking place to fill that seat – a Republican seat. There are three GOP candidates running – two sitting Assemblymembers, Roger Niello and Ted Gaines, and one former Assemblymember, Barbara Alby, who is currently serving as an appointed Acting Member of the Board of Equalization (she lost her bid for the GOP nomination for the 2nd BOE District last June).

To be more specific, Lucas posted up a mail piece (see it below this paragraph) sent out by the Gaines for Senate campaign, drawing a sharp contrast between Gaines and Niello on two major votes – the 2007 state budget (which increased the size of the state budget by $10… Read More

Tonight’s debate between Meg Whitman and Jerry Brown was by far the most interesting debate of the season.It was a pleasure to have just one person—Tom Brokaw—moderating, asking the questions and posing follow-up questions when necessary.The candidates, while clearly sticking to campaign message points, addressed a number of key issues, giving voters a clear idea of the differences between their approaches. The big question following every debate is always: “who won?”Clearly, Whitman was the victor tonight.The political novice in the race, she proved to be quick on her feet, confident, and comfortable with her facts and knowledge about state government.And she had veteran campaigner Jerry Brown on the run. One of the ways Whitman had the edge was her direct and clear answers.She seemed prepared to answer the issues in a way with which voters could connect. Brown, on the other hand,often talked around the … Read More

I just checked out of a hotel in Manhattan. The City’s hotel tax structure, influenced and even lowered by Mayor Rudy Guiliani, is 14 3/4 percent combined state and city sales tax plus $3.50 a room in state and city unit fees. Thus, a $400 a night room is taxed a total of $62.50 in New York City. But in Dana Point, the same room is taxed, under a scheme influenced and raised by then Mayor and current councilwoman Lisa Bartlett, at $78. Go figure the logic of that. It’s not like Dana Point has the infrastructure needs of New York City, even with a large bankrupt hotel.… Read More

Desperate times call for desperate measures from Democrat Congressional candidate Steve Pougnet, who is challenging incumbent Republican Congresswoman Mary Bono Mack in California’s 45 District, which covers the lion’s share of Riverside County. Pougnet, who is currently Mayor of Palm Springs, represents the kind of ultra-liberal Democrat that would vote with House Speaker Nancy Pelosi almost 100% of the time were he in Congress. Pougnet is now spending his campaign funds to try and suppress Republican voter turnout for Bono Mack by trying to elevate the 3rd a third party candidate, Bill Lussenheide, who is labeled by ultra-liberal Pougnet as a “The Tea Party candidate” – seriously.

In the mailing below, other than the disclaimer in microprint identifying that it is funded by Pougnet’s campaign, the piece is simply a “contrast piece” comparing the public policy positions of Bono Mack and Lussenheide.… Read More

Just in from our friends over at the National Federation of Independent Business/California… Why David Valadao is the Choice of Small Business this November By John Kabateck NFIB/CA Executive Director The National Federation of Independent Business/California (NFIB/California), our state’s leading organization representing small and… Read More

Arduin, Laffer & Moore Econometrics has just completed a sobering analysis, putting California and Texas side by side. You’ll never guess (but I bet you can) which state is more competitive…

You can check it out here.… Read More