They call it the “Amazon Tax”. It’s the tax legislation that made it through the California Senate.
But Governor Arnold Schwarznegger has vowed to veto it.
Hasta la vista, baby.
Essentially, the tax is a form of sales tax which has already been implemented in the State of New York. It is a tax that seeks to level the playing field for in-state businesses who have to pay sales tax.
Imagine that you’re a mom-and-pop bookstore in California. You collect and pay sales tax on the books you sell. Then, in comes Amazon, the Internet book seller. Amazon claims it does not have a sufficient presence in the State of California and it avoids paying sales tax.
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You’ve heard the word “reconciliation” in the news. The Obama Administration heath care reform might be passed using an oft-misunderstood method called “budget reconciliation.”
Well, what is budget reconciliation?
Here are the quick facts:
- It’s a process which allows the government to change law
- It only requires a majority of votes instead of 60
- It applies to laws relating to the budget only
- Both, Republicans and Democrats have used this process consistently over the years to enact healthcare laws
- President Bush used it to enact the $1.8 trillion tax cuts
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Distressed homeowners are starting to get creative.
Terry Hoskins was a struggling homeowner in Moscow, Ohio. He got very creative–he actually bulldozed his house so that the bank couldn’t have it.
Hoskins was particularly creative. But what about those stories you hear about people who just walk away from their homes. Is that the answer?
While I must state that a blog post won’t give you any legal answer and that each situation requires a different analysis, I can tell you this– there are supposedly companies that help you walk away from your home.
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Air America
By Maryam Khan Ansari
Liberal Americans know
Air America. No, it’s not the airline that crashed on LOST. It’s the liberal talk-radio station that introduced America to MSNBC’s Rachel Maddow. Last month, the station announced that it was closing its doors for good.
The station, in a press release on their website, announced that it was seeking Chapter 7 bankruptcy relief. This isn’t the first time that the station has filed for bankruptcy, with an attempt at a Chapter 11 several years earlier.
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By Maryam Khan Ansari
It’s no secret that California has a serious money problem. In fact, some might even fear that they are heading for insolvency. So then, why wouldn’t it make sense for the state of California to declare bankruptcy?
Well, that’s because states can’t declare bankruptcy under the Bankruptcy Code. Unfortunately, the former CEO of one of the world’s largest Fortune 500 companies didn’t know that.
Oh, and did I mention that she is also running for U.S. Senate?
Carly Fiorina, former CEO of Hewlett Packard made the bankruptcy comments on Monday during a round-table discussion with business leaders at a cement plant in the Inland Empire community of Colton.
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