On July 14th, the IRS held a public hearing for the debt-equity rule (section 385 of the IRS code) that the Treasury Department proposed last April. The hearing, which had as many as 16 speakers from various industries,...
- Orange County Register quotes Mark Robyn on state tax col...
Orange County Register quotes Mark Robyn on state tax collections
Calif. tax revenue jump 6th highest in U.S.
By Jan Norman
Published: April 24, 2012
Economist Mark Robyn of the Tax Foundation, a Washington DC advocacy group, said "The recent increase in state tax collections is consistent with the gradual recovery from the so-called Great Recession. As economic activity picks up we expect to continue seeing increases in tax payments, in particular from sources like the corporate income tax, which is highly dependent on the health of the economy."
In spite of California's increased collections, the state budget is facing a $6 billion deficit this year because Gov. Brown and the legislature were counting on even higher revenues. Two efforts are underway to put tax increase proposals in the statewide ballot in November.
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