"California took in a record $11.3 billion in personal income tax receipts in April, $4.3 billion more than it collected last April. It's almost certain that a
significant chunk of April's haul came from Google employees -- perhaps one-eighth or more of the tax receipt gain," writes Kathleen Pender in the Chron.
"Fourteen of Google's top executives and directors sold $4.4 billion worth of stock last year, according to Thomson Financial. That includes founders
Sergey Brin and
Larry Page, each of whom sold about $1.3 billion worth of stock."
Ladies...despite rumors,
Brin and Page are not engaged yet.
"Assuming the 14 insiders had acquired the shares at very low cost and that all were in the top 10.3 percent state-tax bracket, they could have owed the state close to $450 million in capital gains tax on their stock sales."
"'It's prudent to treat most of this as one-time in nature,' said
H.D. Palmer, spokesman for the state Department of Finance," reports Dale Kasler in the Bee.
"While details remain sketchy,
much of the money seems to have come from Silicon Valley, suggesting capital gains from stock sales, said forecaster
Brad Williams of the nonpartisan Legislative Analyst's Office. But he and others say the picture remains fuzzy because even though the Dow Jones average has recovered smartly, there aren't a slew of tech companies going public like six or seven years ago."
"'You're not seeing a wave of startups and things like Webvans everywhere,' Palmer said, referring to the defunct dot-com company that delivered groceries."
One-time or ongoing, cash is cash, and lots of groups want to lay claim to it.
Speaking of which, "California state government's largest union is
threatening to walk off the job in the first state workers' strike in history if Gov. Arnold Schwarzenegger's administration doesn't come up with what labor leaders termed an "acceptable" contract offer," reports Andy Furillo in the Bee.
Acceptable means $400 million in the May Revise.
"Service Employees International Union Local 1000 officials warned of the job action at a noontime rally at the Capitol on Monday, where an estimated 2,000 purple-shirted teachers, nurses, clerical staff, administrative workers and others loudly expressed their willingness to walk out."
"'
This state doesn't work if we don't work,' SEIU 1000 President
Jim Hard told the crowd. 'We have the power ... and now we're going to increase our actions and our pressure to get a good contract. The next step is to make sure this governor knows we're serious about calling the first-ever statewide strike of public employees in California history.'"
"The [strike authorization] vote is scheduled to begin next week and run through June 11 among workers in nine state bargaining units represented by SEIU 1000. About 25,000 of the workers are posted in the Sacramento area."
The LAT's Jordan Rau and Joe Mathews report
why a measure protecting gas tax revenues will take top billing on the November ballot. "The proposition's enviable placement atop the ballot is due to an alliance of construction companies, engineers and unionized contractors — a group with strong pull in the Capitol. These interests played a critical role in cementing the biggest legislative deal of the year, a $116-billion public works package that lawmakers portrayed in a statewide tour Monday as a triumph of bipartisan deal-making by elected officials."
"After foundering in March, that deal came together early Friday — just in time to halt an initiative the transportation lobby was threatening to place on the November ballot. The initiative was replaced with a compromise struck by the Legislature."
But will CTA oppose the measure in the fall, or was their continued neutrality part of the deal?
John Garamendi spent the day
accusing insurance companies of blackmail and extortion, based on a story broken by the Capitol Weekly's John Howard. Garamendi put on his superhero costume, and picked up the phone to talk to reporters about his request for a new state and federal investigation.
"Garamendi accused automobile insurers of 'coercion, extortion and blackmail' for
launching a $2.4 million campaign attacking his proposed regulations that would cut the cost of some drivers' coverage in crowded urban areas. He asked the FBI, the U.S. Attorney and state Attorney General
Bill Lockyer to investigate his allegations.
"Garamendi, a Democratic candidate for lieutenant governor in the June 6 primary, said he was told that if he backed off pushing the regulation, he would be spared an attack by insurers as Election Day neared.
He said he was informed that 'if I abandoned my political responsibilities and delayed implementing the will of the people, I would not be hit by a $2 million negative advertising campaign," Garamendi said Monday. "I firmly believe that this amounts to a serious attempt to blackmail me in my role (as insurance commissioner).'"
Captail Bloviator to the rescue...
Meanwhile, "In a stunning blow to state education officials that's sure to elicit a sigh of relief from tens of thousands of high school seniors, an Alameda County Superior Court judge
seems inclined to grant a temporary injunction barring the state's exit exam requirement from taking effect this year, according to a tentative ruling released late Monday," writes Michelle Maitre in the Oakland Tribune.
"Judge
Robert Freedman won't issue his official ruling until after a court hearing today, but the tentative ruling provides lawyers on both sides with an indication of which way the judge is leaning."
"'This is great news for the students of California,' said
Arturo Gonzalez, lead attorney for a group of students who filed a class-action suit in February challenging the exit exam. 'It means that there is a good chance that tens of thousands of students will be able to walk the stage with their classmates, receive a high school diploma, and continue their education at a university or junior college.'"
With a recent poll showing Democrat
Francine Busby with a sizable lead over Republican
Brian Bilbray for the June 6 runoff, "Republican businessman
Eric Roach announced he would be 'standing down' in the 50th District Congressional race and stop campaigning for the seat to try to ensure a Republican victory."
The special election runoff will occur concurrently with the regular primary for the seat. Roach was second among Republicans, behind Bilbray, and had been campaigning to get the nod to be the Republican candidate for the November general, regardless who won the special election.
"'Maintaining the Republican majority in Congress is a vital goal this year, and a loss here in the 50th Congressional district to a liberal Democrat like Francine Busby would send the wrong signal across our great nation,' he announced in a statement read to reporters in a conference call."
No
tears?
While the Republicans are singing Kumbaya in the 50th congressional, the Democratic blood is flowing in the 34th senate district.
Tom "Umberg (D-Anaheim)
asked the Fair Political Practices Commission to stop the activities of Californians United, which has distributed two mailers critical of him," reports Jean Pasco in the Times.
"His complaint names as defendants Senate leader
Don Perata (D-Oakland); [
Lou] Correa, an Orange County supervisor running against Umberg for Senate on the June 6 ballot; and Perata's campaign consultant,
Sandra Polka."
"Umberg's attorney,
Jennifer Keller, cited state law forbidding candidates to coordinate or influence the activities of independent committees."
From our
Insert Bad Gambler Joke Here Files, who knew that when
Kenny Rogers was talking about knowing when to fold 'em,
he was talking about his eyelids. "Country music star Kenny Rogers is devastated by the appearance of his face after a botched plastic surgery procedure. The 67-year-old singer became self-conscious about lines around his eyes and decided to have an eye operation last year.
He explains, 'I went in and got my eyes done, and I'm not happy about it.(The surgeon) is going to go in and fix that for me. They're too tight around the eyelids for me. It drives me crazy!'"
