Posted by: coastcontact | March 18, 2012

Higher Taxes for Californians

The Los Angeles Daily News (primary distribution in the San Fernando Valley) printed an editorial today that essentially reflects my opinion about raising California state taxes.  Governor Jerry Brown wants to increase state sales tax by a ¼% for the next four years and raise income taxes on the wealthiest Californians for the next seven years.  The result will be an added income to the state of $7 billion annually.

However, there is no guarantee in the plan on how the new revenues would be spent.  California has one of the most generous retirement plans for its state employees but other than some proposed changes in the retirement system for current and new employees there has been no actual changes made to date.

Interestingly the Republicans in the state legislature are in agreement with the governor’s plan for modifying the retirement plans.  The Democrats are “studying” his proposal.  It’s no surprise that the Democrats are likely to fight the governor’s proposal.  After all, the labor unions support the Democrats.

Unless there is a fix to the retirement plans and there are specific detailed procedures for allocating the additional revenue I will not be supporting the governor’s proposal.

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