Wesley Sierk's Blog

California State Lawmakers Proposed More Than $143 Billion in Higher Taxes During the 2015-2015 Legislative Session

Posted in California, Political by rwsierk on October 14, 2016

California state lawmakers proposed more than $143 billion annually in higher taxes and fees during the second year of the 2015-16 legislative session, according to a new report from the nonpartisan California Tax Foundation.

“Although the Legislature adjourned its two-year session without enacting any major, broad-based tax increases, more than $143 billion in annual taxes and fees were on the table for consideration,” California Tax Foundation Director Robert Gutierrez said. “This would be on top of the $169 billion in total state revenue forecasted in the current state budget.

The report also notes whether the proposals died in the Legislature or were sent to the governor, and whether the governor signed or vetoed those that reached his desk.

This is why it is crucial for the Republican minority to keep the 1/3 minority. With a 2/3 Super Majority in the Legislature, the Liberal Spenders in Sacramento have the ability to pass any tax increase or fee WITHOUT going to the voters for approval.

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2016 California Voter’s Guide

Posted in Political by rwsierk on October 14, 2016

Hello All,

It’s time again for my Voter Guide, this time it’s the 2016 election. And what an election cycle it has been. Since most of my friend / followers are in Southern California, I will stick with that region.

CONGRESSIONAL CANDIDATES:

Congressional 23 Kevin McCarthy
Congressional 25 Steve Knight
Congressional 26 Rafael Dagnesses
Congressional 27 Jack Orswell
Congressional 28 Lenore Solis
Congressional 30 Mark Reed
Congressional 33 Kenneth Wright
Congressional 35 Tyler Fischella
Congressional 38 Ryan Downing
Congressional 39 Ed Royce
Congressional 43 Omar Navarro
Congressional 47 Andy Whallon

STATE ASSEMBLY CANDIDATES:

State Assembly 36 Tom Lackey
State Assembly 38 Dante Acosta
State Assembly 41 Casey Higgins
State Assembly 44 Kerry Nelson
State Assembly 45 Jerry Kowal
State Assembly 48 Cory Ellenson
State Assembly 49 Peter Amundson
State Assembly 50 Matthew Craffey
State Assembly 54 Glen Ratcliff
State Assembly 55 Phillip Chen
State Assembly 57 Rita Topalian
State Assembly 58 Ramiro Alvarado
State Assembly 62 Marco “Tony” Leal
State Assembly 63 Adam Miller
State Assembly 64 Theresa Sanford
State Assembly 66 David Hadley
State Assembly 70 Martha Flores-Gibson

STATE SENATE CANDIDATES:

State Senate 21 Scott Wilk
State Senate 23 Mike Morrell
State Senate 25 Michael Antonovich
State Senate 27 Steve Fazio
State Senate 29 Ling Ling Chang

BOARD OF SUPERVISORS CANDIDATES:

Board of Sups District 4 Steve Napolitano
Board of Sups District 5 Kathryn Barger

STATEWIDE BALLOT INITIATIVES:

Prop 51 School Bond

WHAT IT SAYS: $9 billion general obligation bond to fund school construction projects. Potential increase in local taxes/developer fees if not passed. SUPPORT

Prop 52 Hospital Fees

WHAT IT SAYS: Protects the use of private hospital funds to draw down Federal revenue to support the Medi-Cal program. Requires 2/3rd vote of Legislature to eliminate the hospital fee transaction, or redirect revenue to the State General Fund”. SUPPORT

Prop 53 Voter Approval for Revenue Bonds

WHAT IT SAYS: Requires statewide voter approval on state revenue bond projects exceeding $2 billion. Measure does not impact local governments, school, college or special districts. Joint Power Authorities. SUPPORT

Prop 54 Legislative Transparency

WHAT IT SAYS: Requires a bill to be in print and published online for 72 hours before the Legislature can vote on it. Requires the Legislature to record and post video or audio online of all legislative proceedings, except closed session proceedings”. SUPPORT

Prop 55 Proposition 30 (2012) Extension

WHAT IT SAYS: extend the temporary personal income taxes an additional 12 years. The personal income tax increase applies to single fliers with an income > $250,000, to joint filers with an income >$500,000 and to heads of household with an income > $340,000. Generates $4 billion a year. OPPOSE

Prop 56 Cigarette Tax

WHAT IT SAYS: Would increase the cigarette tax by $2 per pack and add an equivalent tax on other tobacco products including e-cigarettes. The majority of funds would be used for payments to health care providers”. OPPOSE

Prop 57 Prison Sentencing Reform

WHAT IT SAYS: would allow for prisoners convicted of nonviolent felonies to be given early release via parole based on their behavior, educational achievements and rehabilitation. OPPOSE

Prop 58 English Language Immersion Programs

WHAT IT SAYS: placed measure that would amend and repeal parts of Prop. 227 (June 1998) so that public schools would no longer be required to renew a waiver to continue multilingual programs. OPPOSE

Prop 59 Advisory Ballot Measure on ‘Citizens United’

WHAT IT SAYS: Legislatively placed advisory ballot measure that would ask voters whether there should be a federal constitutional amendment to overturn the ruling in Citizens United vs. Federal Election Commission”. OPPOSE

Prop 60 Adult Film Use of Condoms

WHAT IT SAYS: the use of condoms for adult films. OPPOSE

Prop 61 Prescription Drug Pricing Bill

WHAT IT SAYS: pricing standards for state prescription drug purchases so state agencies would pay the same amount for prescription drugs as the Department of Veterans Affairs. OPPOSE

Prop 62 Death Penalty Repeal

WHAT IT SAYS: repeal the death penalty and replace it with life imprisonment without the possibility of parole. OPPOSE

Prop 63 Firearms

WHAT IT SAYS: a background check to purchase ammunition and bans large-capacity ammunition magazines. Prohibits individuals convicted of stealing a firearm from possessing firearms. OPPOSE

Prop 64 Marijuana Legalization

WHAT IT SAYS: a 15% excise tax on retail sales of marijuana. Imposes cultivation taxes on marijuana at $9.25 per ounce of flowers and $2.75 per ounce of leaves. Exempts medical marijuana from taxation. OPPOSE

Prop 65 Carry Out Bags

WHAT IT SAYS: redirect bag tax funds to the Wildlife Conservation Board to support environmental projects. SUPPORT

Prop 66 Death Penalty Reform

WHAT IT SAYS: reform the death penalty laws to expedite appeals and petitions challenging a death penalty convictions and sentences. SUPPORT

Prop 67 Referendum to Overturn Plastic Bags

WHAT IT SAYS: plastic bags and places a $.10 tax on paper bags goes to grocers. OPPOSE

Los Angeles County Ballot Measures

Measure M Traffic Improvement and Infrastructure

WHAT IT SAYS: “This measure will build new rail lines and highway improvement projects, enhance bus and rail service, fund local street, sidewalk, and signal improvements, keep fares affordable for seniors, students, and the disabled, maintain our growing transportation system, and better connect bike and pedestrian paths to transit facilities. This measure proposes a new 1/2 cent sales tax starting in 2017 that has no expiration date – a “forever tax.” If passed, this will be the county’s third transportation-related levy with no end date, and the fourth overall. This is estimated to generate an estimated $860 million a year in 2017 dollars.

WHAT IT DOES: This is the fourth tax going towards transportation improvement and little progress has been made. Funding from this tax will also go towards an unneeded metro. Existing funds should be used more responsibly in order to maintain and improve infrastructure. Imposing more taxes on hard-working Americans just works to slow down the economy and continue to allow the government to live outside of its means. OPPOSE

Measure A Safe, Clean Neighborhood Parks & Beaches

WHAT IT SAYS: “This measure will replace expiring local funding for safe, clean neighborhood/city/county park, increase safe playgrounds, reduce gang activity, keep neighborhood recreation / senior centers, keep drinking water safe, protect beaches, rivers, water resources, remaining natural areas/open space. This measure proposes a 1.5 cent tax to be levied annually per square foot of improved property in Los Angeles County.”

WHAT IT DOES: Every voter should be dedicated to protecting the environment in economically responsible ways. Imposing more taxes on the development of land will slow down investment and result in a decreased rate of property improvement. OPPOSE

Los Angeles City Ballot Measures

Measure HHH Affordable Housing and Homelessness Bond

WHAT IT SAYS: “To provide safe, clean affordable housing for the homeless and for those in danger of becoming homeless, such as battered women and their children, veterans, seniors, foster youth, and the disabled; and provide facilities to increase access to mental health care, drug and alcohol treatment, and other services; shall the City of Los Angeles issue $1,200,000,000 in general obligation bonds, with citizen oversight and annual financial audits”.

WHAT IT DOES: City has no ability or infrastructure to manage the Homeless issue. Only a County-wide approach makes sense. They also seek to pay for the bond through property taxes.

OPPOSE

Measure JJJ Build a Better LA Affordable Housing

WHAT IT SAYS: “Shall an ordinance: 1) requiring that certain residential development projects provide for affordable housing and comply with prevailing wage, local hiring and other labor standards; 2) requiring the City to assess the impacts of community plan changes on affordable housing and local jobs; 3) creating an affordable housing incentive program for developments near major transit stops; and 4) making other changes.”

WHAT IT DOES: measure places more restrictions on development. The City of Los Angeles has a shortage of housing due to a lack of new residential building.

OPPOSE

Measure RRR Department of Water and Power Reform

WHAT IT SAYS: “Shall the Charter be amended to: (1) add qualification requirements, stipends and removal protections for DWP Board; (2) expand Board to seven members; (3) require DWP prepare four year Strategic Plans for Council and Mayoral approval; (4) modify DWP’s contracting, rate setting and other authority; (5) permit future alternatives to existing civil service standards for DWP employees through collective bargaining; and (6) require monthly billing?”

WHAT IT DOES: This measure brings much needed reform to the DWP. While we would all like to see more accountability built into the measure, there is enough to support.

SUPPORT

Measure SSS Pension Reform

WHAT IT SAYS: “Shall the Charter be amended to: (1) enroll new Airport peace officers into Tier 6 of the Fire and Police Pensions System; (2) allow current Airport peace officers to transfer into Tier 6 from the City Employees’ Retirement System (LACERS) at their own expense; and (3) permit new Airport Police Chiefs to enroll in LACERS”.

WHAT IT DOES: Shifting employees to a new tier does not appear to impact the City Budget.

SUPPORT

Judicial Candidates

Office 11 Steve Schreiner Well Qualified
Office 42 Efrain Matthew Aceves Well Qualified
Office 84 Javier Perez Qualified
Office 84 Susan Jung Townsend Qualified
Office 158 David A Berger Not Qualified

Tagged with:

Captive Insurance Companies for Hedge Funds

Posted in Uncategorized by rwsierk on November 10, 2014

Captive Insurance Companies for Hedge Funds. Read my new article here: http://ow.ly/E4yGz

I just posted my 2014 Voter Guide. I’d

Posted in Uncategorized by rwsierk on November 3, 2014

I just posted my 2014 Voter Guide. I’d Love your feedback. Feel free to print it out and take with to the voter box!! http://ow.ly/DM6YN

MY 2014 Voter Guide

Posted in Uncategorized by rwsierk on November 3, 2014

STATEWIDEBALLOTSUMMARIES
(Source:http://ballotpedia.org/California_2014_ballot_propositions)

PROP1:WaterQuality,Supply,andInfrastructureImprovementActof2014.ᅠ- YES

Authorizes $7.12ᅠbillionᅠinᅠgeneralᅠobligationᅠbondsᅠforᅠstateᅠwaterᅠsupplyᅠinfrastructureᅠprojects,ᅠsuchᅠasᅠsurfaceᅠandᅠ
groundwaterᅠstorage;ᅠecosystemᅠandᅠwatershedᅠprotectionᅠandᅠrestoration;ᅠdrinkingᅠwaterᅠprotection;ᅠ
waterᅠsupplyᅠmanagement;ᅠwaterᅠrecyclingᅠand advancedᅠwaterᅠtreatmentᅠtechnology;ᅠandᅠfloodᅠcontrol.ᅠ

Reallocatesᅠ$425ᅠmillionᅠofᅠunusedᅠbondᅠauthorityᅠfromᅠpriorᅠwaterᅠbondᅠacts,ᅠforᅠsameᅠpurposes.ᅠ

PROP2:StateBudget.BudgetStabilizationAccount.LegislativeConstitutionalAmendment.ᅠ- YES

Requiresᅠannualᅠtransferᅠofᅠ1.5%ᅠofᅠgeneralᅠfundᅠrevenuesᅠtoᅠstateᅠbudgetᅠstabilizationᅠaccountᅠ(Rainyᅠ
DayᅠFund).ᅠRequiresᅠadditionalᅠtransferᅠofᅠpersonalᅠcapitalᅠgainsᅠtaxᅠrevenuesᅠexceedingᅠ8%ᅠofᅠgeneralᅠ
fundᅠrevenuesᅠtoᅠbudgetᅠstabilizationᅠaccountᅠand,ᅠunderᅠcertainᅠconditions,ᅠaᅠdedicatedᅠK–14ᅠschool
reserveᅠfundᅠ(PublicᅠSchoolᅠSystemᅠStabilizationᅠAccount).ᅠ

PROP45:HealthcareInsurance.RateChanges.InitiativeStatute. ᅠ- NO

Requiresᅠchangesᅠtoᅠhealthᅠinsuranceᅠrates,ᅠorᅠanythingᅠelseᅠaffectingᅠtheᅠchargesᅠassociatedᅠwithᅠ
healthᅠinsurance,ᅠtoᅠbeᅠapprovedᅠbyᅠInsuranceᅠCommissionerᅠbeforeᅠtakingᅠeffect.ᅠ

Prohibitsᅠhealth,ᅠauto,ᅠandᅠhomeownersᅠinsurersᅠfromᅠdeterminingᅠpolicyᅠeligibilityᅠorᅠratesᅠbasedᅠonᅠ
lackᅠofᅠpriorᅠcoverageᅠorᅠcreditᅠhistory.ᅠ

PROP46:DrugandAlcoholTestingofDoctors.MedicalNegligenceLawsuits.InitiativeStatute. – NO

RequiresᅠdrugᅠandᅠalcoholᅠtestingᅠofᅠdoctorsᅠandᅠreportingᅠofᅠpositiveᅠtestᅠtoᅠtheᅠCAᅠMedicalᅠBoard,ᅠalsoᅠ
doctorsᅠtoᅠreportᅠanyᅠotherᅠdoctorᅠsuspectedᅠofᅠdrugᅠorᅠalcoholᅠimpairmentᅠorᅠmedicalᅠnegligence.ᅠ

Increasesᅠ$250,000ᅠcapᅠonᅠpainᅠandᅠsufferingᅠdamagesᅠinᅠmedicalᅠnegligenceᅠlawsuitsᅠtoᅠaccountᅠforᅠinflation.ᅠ

PROP47:CriminalSentences.MisdemeanorPenalties.InitiativeStatue. – NO

Reduceᅠtheᅠclassificationᅠofᅠmostᅠ”nonseriousᅠandᅠnonviolentᅠpropertyᅠandᅠdrugᅠcrimes”ᅠfromᅠaᅠfelonyᅠtoᅠ
aᅠmisdemeanor.ᅠ

CreateᅠaᅠSafeᅠNeighborhoodsᅠandᅠSchoolsᅠFund.ᅠAppliesᅠsavingsᅠtoᅠmentalᅠhealthᅠandᅠdrugᅠtreatmentᅠ
programs,ᅠK–12ᅠschools,ᅠandᅠcrimeᅠvictims.ᅠ

PROP48:IndianGamingCompact.Referendum. – NO

Aᅠ“Yes”ᅠvoteᅠapproves,ᅠandᅠaᅠ“No”ᅠvoteᅠrejects,ᅠaᅠstatuteᅠthat:ᅠ

RatifiesᅠtribalᅠgamingᅠcompactsᅠbetweenᅠtheᅠstateᅠandᅠtheᅠNorthᅠForkᅠRancheriaᅠofᅠMonoᅠIndiansᅠandᅠ
theᅠWiyotᅠTribe.ᅠ

Omitsᅠcertainᅠprojectsᅠrelatedᅠtoᅠexecutingᅠtheᅠcompactsᅠorᅠamendmentsᅠtoᅠtheᅠcompactsᅠfromᅠscopeᅠ
ofᅠtheᅠCaliforniaᅠEnvironmentalᅠQualityᅠAct.

STATEWIDECANDIDATES

Governorᅠ‐ᅠNeelᅠKashkariᅠ

LieutenantGovernorᅠ‐ᅠRonᅠNehringᅠ

SecretaryofStateᅠ‐ᅠPeteᅠPetersonᅠ

AttorneyGeneralᅠ‐ᅠRonᅠGoldᅠ

Controllerᅠ‐ᅠAshleyᅠSwearenginᅠ

Treasurerᅠ‐ᅠGregᅠConlonᅠ

InsuranceCommissionerᅠ‐ᅠTedᅠGainesᅠ

SuperintendentofPublicInstructionᅠ‐ᅠMarshallᅠTuckᅠ

BOARDOFEQUALIZATIONCANDIDATES

BOE#3ᅠ‐ᅠG.ᅠRickᅠMarshallᅠ

CONGRESSIONALCANDIDATES

 CD33ᅠ‐ᅠElanᅠCarrᅠ

STATEᅠSENATEᅠCANDIDATESᅠ

SDᅠ18ᅠ‐ᅠRicardoᅠBenitezᅠ

SDᅠ20ᅠ‐ᅠMatthewᅠMunsonᅠ

SDᅠ22ᅠ‐ᅠMarcᅠRodriguezᅠ

SDᅠ32ᅠ‐ᅠMarioᅠGuerraᅠ

SDᅠ34ᅠ‐ᅠJanetᅠNguyenᅠ

STATEᅠASSEMBLYᅠCANDIDATESᅠ

ADᅠ66ᅠ‐ᅠDavidᅠHadleyᅠ

LOSANGELESCOUNTY

Sheriffᅠ‐ᅠJimᅠMcDonnellᅠ

CountyAssessorᅠ‐ᅠJohnᅠMorrisᅠ

BoardofSupervisor#3ᅠ‐ᅠBobbyᅠShriverᅠ

(EndorsedbyLosAngelesCountyBusinessFederation)

MeasurePSafeNeighborhoodParks: NO

To ensureᅠcontinuedᅠfundingᅠfromᅠanᅠexpiringᅠvoter‐approvedᅠmeasureᅠforᅠimprovingᅠtheᅠ safetyᅠofᅠneighborhoodᅠparksᅠandᅠsenior/youthᅠrecreationᅠareas;ᅠassistingᅠinᅠgangᅠprevention;ᅠprotectingᅠrivers,ᅠbeaches,ᅠwaterᅠsources;ᅠrepairing,ᅠacquiring/preservingᅠparks/naturalᅠareas;ᅠmaintainingᅠzoos,ᅠmuseums;ᅠprovidingᅠyouthᅠjob‐training…ShallᅠLosᅠAngelesᅠCountyᅠlevyᅠanᅠannualᅠ$23/parcelᅠspecialᅠtax,ᅠrequiringᅠannualᅠindependentᅠfinancialᅠauditsᅠandᅠallᅠfundᅠusedᅠlocally.

JUDICIALRECOMMENDATIONS

SupremeCourt

GoodwinᅠLiu – NO

Mariano‐FlrentinoᅠCuellarᅠ- NO

KathrynᅠMickleᅠWerdegarᅠ- YES

ᅠᅠ

CourtofAppealJustice

FrancesᅠRothschildᅠ- NO

JeffreyᅠW.ᅠJohnsonᅠ- YES

BrianᅠHoffstadtᅠ – YESᅠ

LeeᅠAnneᅠEdmonᅠ- YES

AudreyᅠB.ᅠCollinsᅠ- NO

NoraᅠM.ᅠManellaᅠ- YES

PaulᅠA.ᅠTurnerᅠ- YESᅠ

KennethᅠR.ᅠYeganᅠ- YES

DennisᅠM.ᅠPerlussᅠ- NO

LaurenceᅠD.ᅠRubinᅠ- NO

MadeleineᅠI.ᅠFlierᅠ- NO

JudgeoftheSuperiorCourt

OfficeNo.61ᅠDayanᅠMathaiᅠ(#133)ᅠᅠ YESᅠ

OfficeNo.87ᅠAndrewᅠM.ᅠSteinᅠ(#135)ᅠᅠ YESᅠᅠᅠᅠᅠᅠᅠᅠ

Creating a captive insurance company may

Posted in Uncategorized by rwsierk on June 9, 2014

Creating a captive insurance company may be a great strategy for businesses that manage their insurance risks and profit from the tax advantages, premium discounts and portfolio management. Steve Savant, syndicated financial columnist and talk show host, interviews nationally recognized captive insurance expert and author Wes Sierk.

http://youtu.be/quWQY2htqoU

Creating a captive insurance company may

Posted in Uncategorized by rwsierk on June 6, 2014

Creating a captive insurance company may be a great strategy for businesses that manage their insurance risks and profit from the tax advantages, premium discounts and portfolio management. Steve Savant, syndicated financial columnist and talk show host, interviews nationally recognized captive insurance expert and author Wes Sierk.

http://youtu.be/quWQY2htqoU

What is the IRS environment on captive i

Posted in Uncategorized by rwsierk on June 6, 2014

What is the IRS environment on captive insurance companies?
The IRS targets companies that annual charge premiums which match the annual premium deduction. Advisers that promote captive insurance companies for the premium deduction to sell life insurance appear to be on the radar of the service and continues to draw the ire of responsible financial professionals. Steve Savant, syndicated financial columnist and talk show host of Let’s Get Down to Business, interviews nationally recognized captive insurance company expert, Wes Sierk, ChFC, ACI, ARM.

http://youtu.be/iG6Dpvmq9B8

What are the tax advantages of a captive

Posted in Uncategorized by rwsierk on June 6, 2014

What are the tax advantages of a captive insurance company?
Many companies self-insure and don’t create captive insurance companies. They’re only allowed to deduct the actual claims. A captive insurance company can deduct the company funding, negotiate direct with reinsurance companies and profit from the difference between claims and premium. Steve Savant, syndicated financial columnist and talk show host of Let’s Get Down to Business, interviews nationally recognized captive insurance company expert, Wes Sierk, ChFC, ACI, ARM.

http://youtu.be/1Xcfk7JaIhk

Why should advisers offer captive insura

Posted in Uncategorized by rwsierk on June 6, 2014

Why should advisers offer captive insurance companies?
Advisers are always looking for a distinctive entre into the business market. Offering captive insurance strategies is not a mainstream financial area advisors cultivate. Captives offer tax advantages, premium discounts and portfolio management. Well-versed advisers can differentiation their practice from other financial professional business models. Steve Savant, syndicated financial columnist and talk show host of Let’s Get Down to Business, interviews nationally recognized captive insurance company expert, Wes Sierk, ChFC, ACI, ARM.
http://youtu.be/-9AfZOSUo34