Word: taxed
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...According to a government document obtained by The Crimson, the club fell short on its 2007 tax payment and did not subsequently make up the difference when the city first contacted the club in the summer...
...Several A.D. alumni, listed as corporate officers or directors on the club’s 2007 tax filing, said they had no knowledge of the back taxes when contacted last night...
...After a Crimson reporter left a voicemail for Michael L. Madden ’76—whose signature appears on the 2007 tax forms as the vice president and clerk of the A.D.—a man identifying himself only as Madden’s “representative” called The Crimson and threatened potential legal action...
...expect states to follow California's lead and start queuing up in Washington looking for money simply to be able to pay their teachers and firefighters. While all states have to deal with an uneven influx of revenue from tax collection, California is among the very few that deal with temporary shortfalls by issuing short-term debt. Most states instead rely on internal cash management - in some cases, borrowing from their own pension funds if necessary - which means they aren't dependent on outside borrowing in order to make payroll and keep the lights on. And even those municipalities that...
...were already facing strong headwinds. In a survey of 319 city finance officers conducted from April to June, the National League of Cities found that 64% of respondents said their cities were less able to meet fiscal needs than in 2007. Cities get 28% of their funding from property taxes, which the finance officers surveyed expected to be down 3.6% this year, thanks to falling home values. Two other important sources of tax revenue for many municipalities - sales tax and income tax - were also expected to drop, by 4.2% and 3.3%, respectively...