Posts Tagged: income

News

San Bernardino eyes cuts of police retirees’ pensions

San Bernardino police officers, members of the SWAT team. (Photo: Juno Kughler Carlson, omnitrans.org) omnitrans.org

San Bernardino’s plan to exit bankruptcy, possibly next year, cuts the pensions of 23 retired police officers who receive an unusual supplement to their regular CalPERS pension. The supplement boosts pensions to the same amount now common among police and firefighters, a standard set by the Highway Patrol in a CalPERS-sponsored bill, SB 400 in 1999.

News

New rainy day fund — a change long overdue

Gov. Brown on Jan. 9 in the state Capitol as he unveiled his 2015-16 draft budget. Brown's budget includes the newly approved "rainy day fund."(Photo: AP/Rich Pedroncelli)

California’s economy may not be booming, but it is definitely on the mend. The Bay Area is churning out high-tech profits and high-wage jobs. In other parts of the state, unemployment is inching down toward full-employment levels. And as always when California’s economy improves, tax revenues are soaring. With an income tax system highly dependent on the wealthy and their investment income, the state treasury typically sees a windfall whenever times are good.

Opinion

Green energy, economic growth go together

Capturing energy from the air in the Tehachapi Pass, California. (Photo: Patrick Poendl)

We are cutting per-capita carbon pollution dramatically while growing our state’s economy. Now, for every dollar of goods and services we produce, we emit less carbon pollution than any other major economy except for nuclear-powered France. Contrary to fear-mongering by some politicians, California has cut emissions by 25 percent while growing our economy by 37 percent over two decades.

News

Property taxes: The magic bullet for budget stability?

A graph showing the volatility of income tax revenue (solid line). Prperty tax revenue is in blue.(Graphic: LAO)

Could making our state budget more dependent on property tax revenues be the key to eliminating the roller-coaster budgets of the last two decades? Since the early 1990s, we’ve lived through the boom and bust cycles of the California budget. Today, we are more dependent than ever on personal income taxes. And those taxes are more progressive than they have been in years, meaning our economic stability is tied to the fate of the wealthy .

News

An idealist’s heart: Brown on poverty, politics and the budget

Gov. Brown on Jan. 9 in the state Capitol as he unveiled his 2015-16 draft budget. Brown's budget includes the newly approved "rainy day fund."(Photo: AP/Rich Pedroncelli)

During his press conference outlining his new $164.7 billion state spending plan, Gov. Jerry Brown made extensive remarks about Californians living in poverty, and the challenges the state faces in dealing with those who continue to struggle economically. As California’s economy has recovered, statistics show nearly 25% of the state still lives in serious economic stress.

News

Small town eyes CalPERS exit costs

Calpensions: A small but affluent Orange County city, with a current staff of only a half dozen employees, would have to pay about $3.6 million to leave CalPERS, the giant state pension system estimated two years ago. “I almost feel like just handing this to a reporter and saying, ‘Look at this.’

News

Wealth gap draws Californians’ ire

FIELD POLL: Majorities of Californians are dissatisfied with the way income and wealth in the state are distributed and believe the gap between the rich and the rest of the population is greater now than in the past. Yet, the public is divided about the extent to which government should try to reduce the wealth gap.

News

Despite concerns, more voters say they’re better off

FIELD POLL: According to The Field Poll’s annual assessment of the economic well-being of Californians, 44% of registered voters now report that they are financially better off than they were last year, while 28% are worse off. Another 28% say there has been no change. This is the first time in seven years that more California voters have reported being financially better off than worse off compared to the prior year.

News

Study: Stakes high for internet poker

A computer keyboard flanked by the elements of traditional poker. (Photo: Pedro Sala)

As negotiations intensify over establishing internet poker in California, a study commissioned by several casino-owning tribes says online gaming could result in $845 million in revenue and more than 2,600 new jobs by 2020. The figures stem in part from an analysis of legislation that was considered – and rejected — by lawmakers last year. Similar legislation is the focus of negotiations this year, but so far an agreement has proven elusive.

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