Nothing Like a Berkshire Hathaway Meeting — Except a Grateful Dead Concert

Not often in a lifetime come back-to-back weekends in which the first centers on the Berkshire Hathaway Shareholders meeting, drinking in the wit and wisdom of Warren Buffett and Charlie Munger with 35,000 close friends followed by a Saturday in Los Angeles at a Dead show.

 The events have more in common than first blush might suggest.    Read more »

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Now What?

The state’s budget plot sickens.

April income tax and corporate tax collections fell nearly $2 billion short of expectations – and voters seem poised to reject three key propositions on the May 19 special election ballot, adding $5.8 billion to an already serious problem.

Given the sorry state of the state’s economy, the gap between revenue and spending commitments is only going to get bigger – the consensus being double digit billions for the foreseeable future.    Read more »

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It’s Official: April Tax Collections $1.8 Billion Short

April revenue collections fell $1.8 billion below estimates, worsening the state’s budget cash shortfall by a like amount.

As of April 30, the state received $7,752,965 in personal income taxes – well short of the $8.9 billion expectation used to create the budget signed in February.

Corporate tax collections were expected to be $2.3 billion for the month.    Read more »

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Tax Revenue for April Likely To Be At Least $1.5 Billion Short of Esimates

With only one day left in April, the state is well short of its revenue collection predictions for the month, likely worsening the state’s already grim budget picture by more than $1.5 billion.

Income tax collections for the month, through April 29, totaled $7.7 billion, $1.2 billion below the $8.9 billion expectation the budget signed February 20 is premised on.    Read more »

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The Logistics of the 10th Congressional Seat Race

Governor Arnold Schwarzenegger might get to appoint a new lieutenant governor for California, if the incumbent, John Garamendi, wins his bid to replace Rep. Ellen Tauscher in the 10th Congressional District.

The Walnut Grove Democrat backed out of his race for governor on April 22 declaring himself a candidate for Tauscher’s seat should she be confirmed by the U.S.    Read more »

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Uh-Oh

There’d better be a lot of misplaced or unopened envelopes at the Franchise Tax Board, if California hopes to reach the $8.9 billion in personal income taxes it expects to collect by the end of the month.

 While Monday April 27 saw $1.4 billion added to the tally over the transom over the weekend, Tuesday April 28 saw just $227,525 in additional revenue.    Read more »

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April Tax Collections — Three Days to Go

With three days left in April, the Franchise Tax Board reports personal income tax collections of $7.4 billion — $1.5 billion short of the amount state budget writers predict California will collect.

Corporate tax collections – expected to reach $2.3 billion this month — are at $1.5 billion as of April 27.    Read more »

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Albertico Torrico Talks With California’s Capitol

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The fifth in a series of Interviews with statewide Democratic candidates who will be attending the Democratic State Convention in Sacramento, April 24 through April 26.

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(Assemblyman Alberto Torrico, a Fremont Democrat, is in his final two-year term in the lower house. A former union lawyer, he chaired the Committee on Public Employees, Retirement and Social Security prior to becoming Assembly Majority leader.    Read more »

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California’s Capitol Talks to Ted Lieu

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The fourth in a series of interviews with statewide Democratic candidates who will be attending the Democratic State Convention in Sacramento, April 24 through April 26. 

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(Assemblyman Ted Lieu, a Torrance Democrat, is in his final two-year term in the lower house. As he tells California’s Capitol, he has been the Assembly’s point person on foreclosure and mortgage issues.    Read more »

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Eight Days Left in April — Still Nearly $4 Billion Short

With eight days left in April, personal income tax receipts crested $5 billion – less than half the $12.8 billion collected in April 2008 and almost $4 billion short of the $8.9 billion, Governor Arnold Schwarzenegger’s Department of Finance estimates the state will take in during the month.

 April is a crucial budgetary month because it is when the state receives the most personal income tax revenue.    Read more »

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