On December 5th, Governor Jerry Brown filed an initiative with the California Attorney General’s office which, if passed, would impose a variety of new taxes with the aim of raising nearly $7 billion in revenue. This money would be dedicated funding for education and public safety programs, which have seen enormous cuts as a result of the recent and ongoing budget crisis. If approved by the voters, the initiative would institute two new taxes. First, individuals making $250,000 or more would pay up to 2% higher income taxes for five years, and second, the state sales tax would be temporarily increased by 0.5%, up to 7.75%, through 2017.
Tag Archives: jerry brown
California can no longer afford its current retirement system. Estimates for unfunded pension liabilities range from 256 billion dollars to almost a trillion dollars. As a result, on October 27, 2011, Governor Jerry Brown introduced his 12-point plan to change pension and retiree health benefits for California’s state and local government workers. These changes mainly affect future employees by shifting more of the financial risk for pensions from public employers to the workers.
By Alex R. Johnson ’13 California Governor Jerry Brown’s 2011-12 Budget proposal calls for eliminating the approximately 400 redevelopment agencies throughout the state. It aims to shift economic development responsibility from the redevelopment agencies to local governments, in an attempt to cut back the enormous debt incurred by the agencies and invest the money saved… Continue Reading