The ongoing US trade war with China, initiated by the Trump Administration, shows little sign of ending soon. After months of escalating tit-for-tat tariffs, the US has now imposed tariffs on $263.1 billion of goods imported from China, and China has responded with retaliatory tariffs on $112.4 billion in goods exported from the US to […]
Proposition 6, on the November ballot, would repeal SB1, eliminating $5.1 billion in annual funding for road repair and mass transit, and halting thousands of projects, several of which have already begun. It would also require that any future change to gas and vehicle taxes go before voters, taking that tool away from legislators. At stake, beyond fixing roads and funding reliable bus service, is the very nature of governance itself in the Golden State. “We wouldn’t be having this discussion if we had a more normal system,” said Chris Hoene of the California Budget & Policy Center.
Much has been written about how the Tax Cuts and Jobs Act (TCJA), pushed by Republican leaders in Congress and signed into law by President Trump in December 2017, mostly benefits wealthy households while driving up the federal deficit by $1.9 trillion over the next 10 years. This growing deficit — already 17% higher in […]
Jonathan Kaplan, a senior policy analyst with the California Budget & Policy Center, said that Proposition 5 is a double whammy for younger, lower-income Californians. Not only could they face higher home prices, he said, but they’d also share the burden of reduced revenues, through a reduction in services or a shift of the tax burden. The estimated revenue loss to schools would cost the state less than 1% of the state budget, but that is enough to provide 110,000 children with child care, Kaplan said.
With some help on the math from the nonpartisan California Budget & Policy Center, here’s what the Harris tax credit would mean in real life for those who need it most. A family would have to earn at least $6,000 a year (the equivalent of working 10 hours a week at a minimum-wage job) to get the full credit of $500 a month.