Environmentalism Provides Moral Cover for New Taxes to Fund Pensions
There are two intertwined themes that define unionized government in California. First, funding government retiree pensions will soak up every new source of tax revenue they will ever collect. Second, cloaking new taxes and fees – and new agencies – in the virtuous raiment of environmentalism will deflect criticism and demonize critics. Here’s why:
Now that Democrats have a super-majority in California’s state legislature, expect to see plentiful new taxes to pile onto the$5.0 billion in new state and local taxesthat were approved by voters on November 8th. After all,California’s projected 2017-18 state budgetstill has a $1.6 billion deficit. And that’s nothing. Here is a look what sort of deficit challenges California’s state and local governments are actually facing:
California State/Local Pension Funds Consolidated Est. Funding Status and Required Contributions at Various ROI