You might not always agree with Dan Walters of the Sacramento Bee, but he never pulls punches and says what he thinks. Here he talks about various tax inequities in California’s income tax, especially the legislature not extending the exclusion which treats a cancelation of debt by a lender on a principle residence as a non taxable event:

http://www.sacbee.com/2013/11/11/5897655/dan-walters-californias-tax-system.html

I agree with him that this bill, which got weighted down with another bill that practically guaranteed it would not be passed in the state assembly, should have been passed unanimously, since it helps forclosed homeowners not have to pay taxes on forgiven debt. The legislators in Sacramento got it wrong again!

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