California has higher marginal rates than anywhere else in the country. It just makes the whole system even more financially dependent on attracting even more rich people here.
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Replying to @kimmaicutler
How else do we get the rich people to leave then?
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Replying to @RickPaulas @kimmaicutler
If you get the rich people to leave who is going to pay for the pensions of all the public workers?
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Replying to @khuey_ @kimmaicutler
That’s is something we’d have to figure out. I imagine the cost of living going down may help.
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Replying to @RickPaulas @khuey_
That's not how California law works. We are legally obligated to honor it no matter what. SF's net pension liability is $4.3B at a 7.5% rate of return. If we lower the rate of return by 1%, that unfunded liability grows to $8B. https://mysfers.org/wp-content/uploads/2019/04/SFERS_AnnualReport_0419.pdf …pic.twitter.com/o24jOliXWr
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It's part of the reason Ed Lee invited tech in and part of why San Jose mayor Sam Liccardo is doing so. SF was projected to run nearly $1 billion deficits every year by 2016 when he came into office. https://sfmayor.org/sites/default/files/FileCenter/Documents/108-MYR%20FYFP%20FINAL%205_3_11.pdf …
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Replying to @kimmaicutler @khuey_
I mean, the Lee moves kinda speak for themselves?
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Replying to @RickPaulas @khuey_
I'm just saying that homeowners with really old property tax bases and awarding public sector union benefits that aren't adequately funded upfront are also complicit contributing factors to the current situation.
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I'm pro carried interest reform as are many other prominent people in the field. https://avc.com/2010/05/why-taxing-carried-interest-as-ordinary-income-is-good-policy/ … That said, there is lots of evidence that unfunded pension liabilities are cannibalizing public services and wages for future public sector workers. https://gspp.berkeley.edu/assets/uploads/research/pdf/Anzia_PensionsintheTrenches_Aug62017.pdf …
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I was in a meeting with UESF on Prop. G a few years ago and they could not give a straight answer on how much of that money would actually go to raise teachers' salaries versus pay for people who are no longer working there.https://www.sfchronicle.com/bayarea/article/SF-schools-giving-teachers-raises-without-revenue-13236083.php …
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