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California’s New Taxes Are Paying for Pensions - Bloomberg

Stashed in: Economics!, California

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No surprise here--the new 7-year $50b tax increase in California is not going to fund public education, it's going to cover an unfunded liability for teacher pensions.  

Illustrating yet again that government accounting and transparency on pension liabilities need to mirror GAAP accounting rules that all US-corporations must deal with.  

It does call to question how many other shenanigans are being covered by California tax increases.

It also makes me wonder if there's any way to bring a lot more transparency to our system.

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