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Katy Grimes

Arena Derangement Syndrome Update: Whining About Legal Costs

The Sacramento arena deal has prompted questions over the lack of public debate about key details, dubious financial numbers from the city and the public subsidy the project requires. And, last-minute legislation last year by Senate President Pro Tem Darrell Steinberg, D-Sacramento, is allowing the arena’s construction proceed without a credible environmental impact review.

Last week, the city of Sacramento announced it expects to spend up to $750,000 to defend a lawsuit related to the planned downtown arena. The lawsuit accuses city officials of making a secret deal to provide an extra $80 million of public money to help the investors’ group beef up its offer against a well-funded Seattle group that wanted to buy the Kings and move them to Seattle.

I have… Read More

Katy Grimes

CA Air Resources Board New Plans Kill-Off Market Economy

If you haven’t read my two lengthy columns earlier this week about the recent Senate committee hearing about how to spend the Air Resource Board’s cap and trade auction revenues, take the time to do so – Part l is HERE, and Part ll is HERE.

They exemplify what takes place inside the State Capitol every day, and show how policy is made.

I transcribed exactly what was said at the four-hour hearing on climate change policies, with Senators deciding how to spend the anticipated $3 to $5 billion a year taxed on California businesses who have been deemed polluters by the California Air Resources Board.

The billions of dollars expected from the CaliforniaAir Resources Board’scap and trade auctions areexpected to pay for the anticipated transition from a market economy to a centrally planned one. Yetnothing in… Read More

Katy Grimes

Thank Oil and Gas For Your Comfortable Lifestyle

By Tom Tanton and Katy Grimes

Many in America have grown convinced the world would become Utopia if it wasn’t for evil, dirty oil.Ironically, these oil critics are alwayssuccessful beneficiaries of the U.S. free enterprise system. When theydemonize oil profits,they show just how misinformed they are.

The relationship between oil and gas, and humans, is inextricably linked. As a nation’s economy grows, its oil consumption naturally follows suit.

Would America be a better place without the “Big Oil” and gas industry? Or is the vehemence behind demonizing oil and gas just a ploy for extracting exorbitant and punitive taxes? The oil and gas… Read More

Katy Grimes

How to Spend the Cap and Trade Riches, Part ll

Part ll in a two part series. Part l can be found here.

Last week I wrote about a recent Senate Budget Committee cap and trade hearing and the billions of dollars expected to be generated by the Air Resource Board’s cap and trade auctions.

One of the issued I posed was the original purpose of passage of AB 32, the legislation under which the cap and trade hearings are conducted.AB 32, California’s Global Warming Solutions Act of 2006, established the goal of reducing greenhouse gas emissions… Read More

Katy Grimes

Cap and Trade Hearing Has Lawmakers Lining Up With Spending Plans

With billions of dollars expected to be generated by the California Air Resource Board’s cap and trade auctions, many in the Legislature are excited with ideas of how to spend the money.

But rather than scheming on foolhardy, unsustainable spending plans, if the real goal is to reduce greenhouse gas emissions, experts involved in the process say the Legislature should give the money back to the businesses it taxed, with the proviso the money is spent helping the companies lower their emissions.

What is AB 32 and Cap and Trade?

Last week, the Senate held a very long… Read More

Katy Grimes

Californians Prove This Is The Crazy State

I’ve finally got the hard proof I need demonstrating that an IQ test should be administered prior to being granted the privilege to vote.

In Tuesday’s election, 287,590California voters cast ballots for Sen. Leland Yee of San Francisco, in the Secretary of State race. Yee isunder indictment by the FBI since April, for arms trafficking and bribery. Yeewithdrew from the race, but it was too late for his name to be removed from the ballot.

Yee ended the night with nearly 10 percent of the votes. Of the top two winners, Sen. Alex Padilla, got only 884,857votes, 30 percent of the votes. Republican Pete Peterson received871,388… Read More

Katy Grimes

CALIFORNIA CITIIES ARE EMULATING DETROIT

After New York City’s close call with bankruptcy in 1975. the state required the city to balance its budget in accordance with generally accepted accounting principles rather than continuing to use “creative-accounting practices.” According to Richard Ravitch, writing in the Wall Street Journal last week, the city has not had a fiscal crisis since.

The city’s new mayor,Bill de Blasio, released his first budget last week, beginning the slippery slide back into questionable accounting: Many are questioning whether the deferral of payments contractually due city employees was properly accounted for.

Ravitch’s article describesexactly what most California cities are doing: usingdeceptive cash-basisaccounting to hide real costs and… Read More

Katy Grimes

Could the oil tax bill be a shill for a ballot initiative?

With the 2012 passage of Proposition 30, voters were assured the significant tax increase would go entirely to education. However, less than 50 percent actually does.

Now, a new bill is moving through the Legislature, claiming to tax oil and gas production for – ahem, you guessed it — education.

SB 1017, an urgency measure, would impose a severance tax on the extraction of oil and natural gas, effective immediately after being signed into law.

Pay attention to the taxman behind the curtain who wants to add more taxes onto oil and gas production.

However, if the California legislature doesn’t pass an oil severance tax this year, billionaire hedge fund manager, Tom Steyer, is preparing a ballot initiative for 2016.

Because Gov. Jerry Brown vowed that all new tax increase proposals would go before the voters, there are reports which say he’s largely rejected the oil tax this year. But NextGenClimate Action, Steyer’s political action committee, can do it for Brown instead, with the… Read More

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