Franchise Tax Board – Page 5

AB 71 Amended to add Tax Increases to Fund ‘Bring California Home Act’

January 13, 2021 3:53 pmJanuary 13, 2021 4:17 pm

Assembly Bill 71 was amended on January 12 to replace its intent language with dozens of pages of substantive amendments, including several major tax increase proposals. This article only examines the tax provisions of AB 71. The bill is jointly...

California’s General Fund Relies on the Super Rich and Federal Bailouts

January 13, 2021 2:15 amJanuary 13, 2021 6:11 pm

One of the biggest reasons California’s technology moguls supported the Biden/Harris candidacy had nothing to do with ideology. It had to do with their pocketbooks. Because with a Californian presiding over the Senate, and a Californian Speaker of the House,...

Senator Patricia Bates authored SB 57. (Kevin Sanders for California Globe)

Gov. Newsom Signs Bill To Eliminate Non-Profit State Filing Fees

September 10, 2020 2:20 pm

On Thursday, Governor Gavin Newsom signed into a law a bill that will remove California Franchise Tax Board (FTB) filing fees for non-profit organizations applying for state tax exemptions. Senate Bill 934, authored by Senator Patricia Bates (R-Laguna Niguel), will...

‘Time Stealing’ Regulations for ‘The Wealth Tax’

August 17, 2020 1:14 pmAugust 17, 2020 7:58 pm

Can you imagine having to do an inventory and net worth calculation every year? Let alone potentially being audited and having to prove that values were not intentionally understated? It’s not only financial robbery, it’s time theft! – Senator John...

California Dems’ Wealth Tax Follows People Who Move Out of the State

August 17, 2020 7:28 amAugust 18, 2020 8:12 am

Assemblyman Rob Bonta (D-Oakland) made an appearance on “Cavuto: Coast to Coast” Friday to discuss his Wealth Tax proposal. Bonta told Cavuto the tax “affects about 0.15% of the California population — not the top 10%, not the top 1%,...

California Legislators Propose Wealth Tax

August 13, 2020 2:24 pmAugust 13, 2020 2:25 pm

On the morning of August 13, Assembly Bill 2088 was gutted-and-amended an elections bill into a wealth tax. AB 2088 is jointly authored by Assembly Members Bonta, Carrillo, Chiu, Gonzalez, Kalra, Santiago, Stone, Ting, and Wicks. Assembly coauthors include Chu...

CA Democrats Pushing First-in-the-Nation ‘Wealth Tax’ on State’s Billionaires

August 13, 2020 1:10 pmAugust 13, 2020 2:27 pm

Oakland Assemblyman Rob Bonta held a press conference Thursday announcing his legislation to tax the state’s wealthiest job creators and innovators – the 30,400 billionaires living and working in California. This first-in-the-nation net worth tax is estimated to generate $7.5...