Taxable Talk

Measure S is titled the City of Irvine Personal Information Privacy Act. The City Attorney's analysis states that measure S will comply with state and federal privacy regulations. Proponents believe this measure will aid in privacy for Irvine residents. Opponents argue that the measure is a secrecy ordinance that is unconstitutional under the California constitution.

Remember to Vote on Tuesday.

There are lots of advertisements on local television for Measure R...but they're for Los Angeles County Measure R. In Irvine there is also a Measure R that's far different than the Los Angeles County R.

Irvine Measure R would adopt the City Council's recommendations for the Great Park. According to the city attorney's analysis, the measure should keep separate funds for the Great Park.

Proponents of the measure state that the measure will protect Irvine taxpayers. Opponents argue that the proponents have already spent $115 million of the $200 million allocated for the project and if the measure is approved other taxpayer funds could be tapped.

[Note: Because the Orange County Sample Ballot is interactive, I cannot link to it. If you are an Orange County voter, go to this site to read it.]

Measure J on the Orange County Ballot would require voter approval of county pension changes. Proponents of the measure believe it would help protect taxpayers and would prevent possible future pension meltdowns. There is no organized opposition to the measure.

Remember to vote on Tuesday.

When California's budget was passed I noted that it was full of smoke and mirrors. It was based on an optimistic scenario rather than a realistic scenario.

So far, it's only off by $3 billion; the Los Angeles Times notes that, "Capitol budget analysts say preliminary data indicate the problem will probably grow to at least $10 billion."

The crisis will be worse in California than in other states because capital gains are a high percentage of the personal income tax created. (In California, there is no preferential tax rate for capital gains.) With the stock market dropping there will likely be few capital gains to report on tax returns that are filed next year.

Governor Schwarzenegger has called a special legislative session beginning next Wednesday to deal with the crisis. Don't expect anything other than more smoke and mirrors. Democrats want a top-to-bottom review of the state's tax code (that means they want increased taxes) while Republicans want business tax cuts.