“Greed is Good” Gets Greedier

Back in the 1980s, Peter Ackerman, a former associate of Michael Milken, was accused of cheating thousands of investors out of their savings. Now he is trying to retroactively change the California tax code in the hopes of getting $5 million back. The $5 million was income tax that Ackerman paid on $73 million that he paid to the state in a settlement of the lawsuits filed against Michael Milken and his associates. Ackerman may be declining interviews and hiding his business behind closed doors, but his retroactive tax credit gimmick has found a friend in Senate Revenue and Taxation Committee Vice Chairman, Republican Bob Dutton. What do others in the State Assembly think about Ackerman’s proposal, SB 217?:

At a time when financial constraints have moved the governor to propose cutting aid to the elderly and disabled, “it just doesn’t seem like a financial priority for the state,” said Assembly Budget Committee Chairman John Laird (D-Santa Cruz).

Californians can take heart that the voice of reason hasn’t altogether evacuated the premises.

— John Burton