Friday morning headlines

Stocks edge higher: Dow is up about 35 points as investors figure that equities remain the best game in town.

L.A. inflation picking up: Consumer prices rose 1.1 percent from February to March and 3 percent over the last 12 months (higher than the national level). Gasoline (up 13.9 percent) and food (up 3.4 percent) were the big culprits. (OC Register)

Speaking of gas prices No let up to the price spike - an average gallon of regular in the L.A. area rose more than 7 cents over the past week, to $4.196, according to the Auto Club. Prices haven't been this high since August 2008.

Consumer sentiment a bit higher: The April Reuters / University of Michigan index rose to 69.6 from 67.5 the previous month. The uptick was surprising in light of gas prices. (Calculated Risk)

U.S. taxes at historic low: Kind of takes the wind out of the Tea Party sails - a family of four with the median income has paid less in federal income taxes than any time since at least 1955, according to the Tax Policy Center. From the OC Register:

Even the combined California state and local taxes, while tied for fourth highest in the nation, aren't particularly high for the state. In 2009 - the most recent year for which data is available - they accounted for 10.6 percent of Californians' per capita income, just slightly above the 25-year average of 10.3 percent. (Click here for tax graphics.) "There's this impression that there's a colossal tax burden and that's not really the case," said Raphael Sonenshein, a political science professor at Cal State Fullerton. "But if you're really angry at the government, you're going to think taxes are too high."

Brown to seek fall tax vote: That's the current plan, and the WSJ says that the governor wants to get the ballot measure through a two-thirds vote of the legislature. Of course, he tried that for a June vote and was unsuccessful.

Meanwhile, support for extending the taxes has eroded. A poll by the Public Policy Institute of California, a nonpartisan think tank, found 46% of likely voters supported the tax extensions in March, down from 54% in January. Analysts say support for such measures typically declines over time. "I don't think the politics are there" for a fall ballot initiative, said Republican analyst Tony Quinn.

Big drop in B of A earnings: The nation's biggest bank keeps struggling with bad loans and the ill-fated acquisition of Countrywide Financial. The company missed analysts' estimates by 10 cents, which is a lot. (DealBook)

Mattel earnings fall: Higher spending outpaced sales growth at the El Segundo-based toymaker. First-quarter net income fell to $16.6 million from $24.8 a year earlier. (AP)

Billboard company gets sued: City prosecutors say that Van Wagner Communications put up supergraphics at 17 locations without proper permits. Locations included a parking structure downtown, where 25-feet-high Pepsi, Gatorade and Chase ads were displayed. (LA Weekly)