Californiaâ€™s New Taxes Are Paying for Pensions - Bloomberg
Jay Jamison stashed this in Politics
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. Â
Illustrating yet again that government accounting and transparency on pension liabilities need to mirror GAAP accounting rules that all US-corporations must deal with. Â
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.