Posts Tagged: Windfall

Refiners’ profits spur scrutiny from special legislative session

An oil drilling rig off the coast of California. (Photo: Joe Belanger, via Shutterstock)

by SETH SANDRONSKY posted 11.01.2022

Several major firms that refine crude oil into gas in California have been doing well lately, a contrast to consumers facing gas price hikes. Against this backdrop, Gov. Newsom has called for a special legislative session in December focused on capping windfall profits (like PBF and Valero’s recently) and a price-gouging rebate for consumers.

California tax revenue ‘windfall’ now uncertain

The state Capitol in Sacramento, the seat of California government. (Photo: Always Wanderlust, via Shutterstock)

by WILL SHUCK posted 12.09.2020

That $26 billion dollar “windfall” that California lawmakers learned about last month may not withstand a second round of economy-squelching lockdowns, and the risk of losing what little leverage they have is a top concern for state budget writers.

Calpensions: The CalSTRS board voted this month to “watch” a new cost-neutral bill in Congress that would reduce what has been an unpleasant surprise for some teachers and a shock to others — joining CalSTRS can cut Social Security benefits. Two federal laws enacted to avoid Social Security overpayment and inequity are mainly aimed at government employees who receive a pension but no Social Security.