(Victor VAlley)–As your elected member of the California State Board of Equalization, I am fighting to ensure your voice is heard in Sacramento. As always, I welcome your ideas about how we can work together to solve the pressing problems facing our state.
2011: A Good Year for Taxpayers
How about some good news to close out this year?
If you’re a Californian, your taxes are lower today than they were a year ago. That’s a good thing for you, your community and our state economy.
You may recall that earlier this year many politicians claimed catastrophe would strike if legislators rejected a five year extension of a multi-billion dollar hike in income taxes, sales taxes and car taxes.
Thankfully, Republican legislators held firm. And, believe it or not, the sky did not fall. In fact, if you look closely at the latest numbers from the Department of Finance, you’ll find that billions in unanticipated revenue has materialized this year without any tax hike at all.
Furthermore, according to the latest Board of Equalization numbers, taxable sales are up 8% throughout our state. Sales tax revenue has exceeded budget revenue estimates by more than $100 million so far this fiscal year.
You see, a recovering economy is far more effective at generating revenues than any tax hike. When Californians have jobs, state coffers always have plenty of revenue.
Of course, we still have a lot of work to do. As we enter the new year, jobs continue to be the key to solving California’s most pressing problems. As your elected representative, I’ll continue to work on your behalf for jobs and a brighter future for our state.
Tax Victories You May Have Missed
Not every tax victory makes the front page of the newspaper. Here are a few victories you may have missed this year:
Should you desire further information on any of these issues, please do not hesitate to contactmy office for assistance.
Tax Tip of the Month
Q. Are California small businesses and non-profits eligible for the new federal healthcare tax credit?
A. Yes. More than 630,000 California employers with less than 25 full-time employees may be eligible for the Small Business Health Care Tax Credit. Eligible recipients include small businesses and non-profits that pay at least 50% of their employees’ healthcare premiums.
To learn more about this tax credit, log on to IRS.gov