Capital gains tax
Shares of Facebook plunged to all-time lows after early investors and insiders were allowed to sell their shares Thursday, dimming California’s hope for a capital gains windfall that would help balance the state budget.
If the Menlo Park company goes public this year, as many have speculated, the state stands to reap hundreds of millions of dollars in capital gains taxes from Facebook investors and employees profiting from stock transactions.
The movement among millionaires to make the wealthy pay more in taxes didn’t start with Warren Buffett’s secretary. It began in Piedmont, at civil rights attorney Guy Saperstein’s house.
Democrat Jerry Brown on Monday cast his gubernatorial rival as a billionaire opportunist who wants to enrich herself with tax breaks—a charge Meg Whitman called class warfare by the attorney general in the closing two weeks of the campaign.
Democratic candidate for governor Jerry Brown is calling on his Republican rival to reveal how much she would personally gain from her proposal to eliminate the state capital gains tax.
Democrat Jerry Brown and Republican Meg Whitman made statements about state spending, budgeting plans and other issues that didn’t quite match reality or were incomplete.