Governor Newsom and the Legislature have backtracked on assistance to California employers to deal with the Unemployment Insurance (UI) deficit, says Tom Sheehy, principal and founder of the Sheehy Strategy Group.
Read More
“The State of California's budget situation is in really murky waters,” says former Chief Deputy Director of the California Department of Finance, Tom Sheehy, Principal and Founder of Sheehy Strategy Group. “When the country gets a financial cold, California gets a severe case of influenza. We are very sensitive to changes in the economy.”
Read More
On April 4, 2022, Tom Sheehy, testified before the California State Assembly’s Revenue and Taxation Committee in support of Assembly Bill 2065. The measure, authored by Assembly Member Blanca Rubio, will help California’s businesses to recover from COVID by reinstating the net operating loss (NOL) tax deduction for the 2020 and 2021 tax years.
Read More
Tom Sheehy, Principal and Founder of the Sheehy Strategy Group, recently sat down with GovReport’s Christina Gagnier to discuss California’s massive unemployment insurance (UI) debt and possible solutions.
Read MoreThe California State Legislature has rejected efforts to pay down even the smallest amount of its unemployment insurance debt. California owes billions and businesses could soon be on the hook.
Read MoreDid you know CA borrowed over $21 billion from the fed government to backfill the unemployment insurance fund during the pandemic? If those funds are not repaid, every employer in the state will face automatic tax increases.
Read MoreAt the start of the pandemic, California’s unemployment insurance fund did its job, softening the blow of job losses suffered by millions of workers—but COVID completely wiped the fund out. In order to provide unemployment benefits after the UI fund was emptied, California borrowed over $21 billion from the federal government. Now, California is faced with a dilemma: pay back the debt or steeply raise taxes on employers.
Read MoreCalifornia can not afford to loose more flagship companies and high net worth individuals to others states. Resisting the urge to over-regulate and over-tax is extremely important to retaining top companies and the high paying jobs they offer.
Read MoreLast year California's governor and legislators codified a complete suspension of net operating loss (NOL) tax deductions for three years—a move meant to save the state general fund $4.5 billion at a great cost to businesses. But now the Legislative Analyst’s Office and the Department of Finance are projecting a $15 billion budget surplus, rendering the NOL freeze completely unnecessary.
Read More40 years after the Howard Jarvis tax revolt, progressive groups in California are seeking to implement the “Split Roll” property tax assessment driving up commercial real estate taxes significantly higher. Why the great push for split roll?
Read More