Results tagged “rich”

A state report on restructure California's tax system is due today and the Associated Press, which obtained an early copy, has found that bold changes are recommended, prompting a large amount of skepticism. The AP explains some:

A proposal to tax home owners of properties larger than 5,000 square feet at least $1,000 annually will be discussed at a Los Angeles city council committee meeting today. If it makes it through the city process, two-thirds of voters would have to pass the tax (low and middle class vs. the rich?). "There are 6,336 single-family residences that exceed 5,000 square feet and 534 houses larger than 10,000 square feet. Taxing those residences would generate $15 million a year," reports the Daily News.

Jesus Sanchez at The Eastsider LA was curious who be the richest in the land of the hippest. Hypothesis: American Apparel's Dov Charney: "Last year, Charney, who sold off his company but remains in charge as CEO, earned a salary topping $8 million. In addition, the company granted him stock options worth nearly another $8 million. Of course, Charney, like everyone else with stock and a 401k, has taken a big hit. Still, the American Apparel stock he got when he sold the company is now worth, at least on paper, nearly $200 million, based on Thursday's closing stock price. That would buy enough $17, American Apparel pocket t-shirts for just about everyone living in Los Angeles and Orange counties."