California voters aren’t crazy. Free-spending pols are. – A little house-cleaning to get rid of the stench of career politicians in Sacramento is long overdue.

Spidell has just released a schedule of the 2003 PRC tax rates and related amounts for individuals. I’ve also added a link to it on my main website.

Uncle Sam keeping more of state’s cash – Is there any end to the load placed on PRC taxpayers?

This kind of estate plan is growing in popularity, especially among people who have no human offspring. We suspect this is why one of our cats is constantly trying to trip us.

It’s not always a good idea to tell others what you do for a living.

This is a perfect illustration of the difference between the philosophies of liberals and conservatives. Liberals, in their misery loves company game plan, would prefer to bring the rich down to the level of the poor. Conservatives would prefer to give the poor the freedom and tools to raise themselves up to the levels of the rich, if they so choose. If they prefer not to do those things that can create wealth, they are free to remain poor.

IRS Tells Intel of Tax Adjustment – This is a good illustration of why IRS has auditors on full time year-round duty checking the books of multi-billion dollar corporations, and leave the smaller corporations alone. This one little proposed adjustment of $600 million in tax for two years makes all of that auditor time worth while for the Feds.

For those who have never been audited by IRS, this kind of public announcement gives the impression that taxpayers’ private tax and financial data are subject to everyone’s perusal. That is not true. Audits are very private and confidential between the IRS, the taxpayer and the taxpayer’s representative. The reason Intel made this announcement was not to abide by IRS rules, but to comply with SEC requirements to make everyone in the investing public aware of anything that could affect the corporation’s bottom line. This is only required for publicly traded corporations. Closely held corporations can keep their IRS dealings as secret as can private individuals.

Banks Moved Billions to Shelter Income From State Taxes – The insinuation here is that these banks are evil and unpatriotic because they set things up so as to minimize their taxes. The truth of the matter is that the officers of corporations have a very explicit legal fiduciary responsibility to do whatever it takes to legally maximize the return to the owners of the business. To do otherwise would be an actionable dereliction of duty. To not use every legal loophole and strategy to reduce the tax burden would be an example of incompetence.

This is looking like an interesting Summer in the PRC.

Just as we did ten years ago, many productive people have reached their breaking points in regard to tolerating the high taxes, heavy regulations and overall lack of freedom in the Left Coast utopia of socialism. However, there are still plenty of new people moving in who are looking for the freebies the generous rulers in Sacramento give them from the pockets of the producers.

California Is Seen in Rearview Mirror. For the first time, the Census Bureau finds that more people have moved to other states from here than the other way around.

Californians leaving state in droves. Many residents looking elsewhere for work, homes after dot-com bust