The University of California system regents voted Wednesday to freeze tuition and student fees as long as a tax measure on the November ballot passes.
Otherwise, all bets are off for how to make up a massive funding deficit.
The decision, however, was not made lightly. Regents’ opinions varied, students protested the potential consequences while wearing zombie costumes and Gov. Jerry Brown even stopped by the San Francisco meeting to urge support of his tax measure.
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By:
Steve Falk
06/21/12 9:44 PM
San Francisco is closer than ever to reforming its business tax code to better encourage job growth. Today’s system, which levies a 1.5 percent payroll tax on all businesses with a total payroll in excess of $250,000, has been scrutinized, studied and challenged for a decade, yet no alternative has come close to becoming a reality — until now.
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Jerry Brown sought his second stint as governor last year by promising to balance California’s deficit-riddled budget without gimmicks.
“Our state is in a real mess, and I’m not going to give you any phony plans or snappy slogans that don’t go anywhere,” Brown said in one ad. “We have to make some tough decisions.”
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Since voters rejected a half-cent sales tax on Tuesday, Mayor Ed Lee will not have $60 million in new revenue to help plug next fiscal year’s budget deficit.
Just how grim the city and county budget will look will come into sharper focus on Dec. 15, when the state will announce deeper budget cuts if its summer revenue projections are off. The most recent deficit projection shows a San Francisco shortfall of $350 million for the fiscal year that begins July 1.
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By:
Martin Feldstein
05/26/11 10:47 PM
Federal spending is rising faster than the budget numbers imply. That’s because some increases are disguised as tax cuts. When the government gives a tax credit to homeowners who buy solar energy panels, it’s just like giving them a cash subsidy to buy those panels. But it’s recorded as a reduction in taxes rather than as an increase in outlays.
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The San Francisco Chamber of Commerce is taking sides on two dueling pieces of legislation that address The City’s business tax on employee stock options.
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By:
Dan K. Thomasson
04/21/11 10:46 PM
Most of us know the best way to lose weight is not only to cut down the calories but also to exercise. Well, the same thing is true in getting America’s fiscal house in order.
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The Obamas made $1.73 million in combined income last year and paid nearly $454,000 in federal taxes, according to copies of the president's tax returns released on Monday.
The president and first lady also reported donating $250,000 to 36 charities and paid more than $51,000 in state taxes for their home in Illinois.
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By:
Deroy Murdock
03/31/11 10:44 PM
A newly elected governor just persuaded his dysfunctional state legislature to close a multibillion-dollar deficit, keep taxes in check and limit annual Medicaid spending. Unfortunately for Californians, it wasn’t Jerry Brown.
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By:
K. Lloyd Billingsley
03/16/11 6:30 PM
California faces huge deficits, a weak economy and high unemployment, and it can’t seem to balance its budget. Even so, legislators attempt such impossible tasks as eliminating obesity through — surprise — an increase in taxes.
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