California’s state employees’ pension fund (CalPERS) is the largest public pension fund in the nation and according to Mercury News, over the last eight years, they added $100 billion in unfunded retirement liability for these funds. They’re pushing pension obligations onto the next generation. The Stanford Institute for Economic Policy Research released a study nearly 2 years ago that pegged the total market value of California’s pension debt at $1 trillion, or over $93K per household, and it’s worse now.
This is what happens when you shower freebies, including education, welfare, law enforcement, and medical care on illegal aliens who they welcome having just officially become a Sanctuary State. The total cost nationwide for illegal aliens is $135 billion/year and California’s share of that is $23 billion. Doing the math makes you wonder how some can complain about the $18 billion requested over a ten-year period for the wall.
This could be one of the reasons they keep raising taxes in California. Here’s a rundown on new taxes to take effect in 2018:
- Average $100 increase in vehicle license fee
- A new Cap & Tax fee adds between 63c to 93c per gallon of gas
- A tap water tax of 95c a month
- A $3.46 billion parks bond (with $200 M debt service/year) to build parks in disadvantaged areas
- $10 charge on all people living in mobile home parks
- Soda taxes in Berkeley, San Francisco and Oakland that nearly doubles the price of a case of soda
The tax bill which takes affect in 2018 -this year, hit high property tax states like California, New York, Illinois & New Jersey particularly hard because it limits the amount of property taxes residents can now deduct on their federal income taxes. This puts pressure on those states (predominately run by liberal progressive Dimocrats) because their residents are not happy about it, creating even more resistance when they want to raise taxes again. Too bad. Those residents should hit the road and many of them are.
Aloha, Mikie ~just a blogger (fightin’ like a girl)
~Psst, tired of politics? Check out Travel in the Categories drop down menu (right side panel) for my blogs posted from interesting locations during my travel adventures.