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California Budget Project - Options for Balancing the Budget: Reinstating the Vehicle License Fee Rate (5/8/02) May 8, 2002 OPTIONS FOR BALANCING THE BUDGET: REINSTATING THE VEHICLE LICENSE FEE RATE In 1998, the Legislature passed a 25 percent permanent reduction in the Vehicle License Fee (VLF) rate, which included a complex series of triggers that increased the size of the tax cut if state reven. [...] What Would Be The Impact Of Restoring The VLF Rate? If the VLF tax rate were restored, cities and counties would receive their funds directly from the proceeds of the tax and the state would not have to reimburse them for their losses. [...] The progressivity of different taxes can be compared by dividing the share of a poor families' income that goes to a particular tax by the share of income a wealthy family pays in the same tax (Table 2). [...] Married, non- elderly families in the bottom fifth of the California income distribution spent nearly three times as much of their income on the VLF as did families at the top of the income distribution. [...] An EITC puts money back in the pockets of working families at a small fraction of the amount raised by the restoration of the VLF.
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California Budget Project - Options for Balancing the Budget: Reinstating the Vehicle License Fee Rate (5/8/02) May 8, 2002 OPTIONS FOR BALANCING THE BUDGET: REINSTATING THE VEHICLE LICENSE FEE RATE In 1998, the Legislature passed a 25 percent permanent reduction in the Vehicle License Fee (VLF) rate, which included a complex series of triggers that increased the size of the tax cut if state reven. [...] What Would Be The Impact Of Restoring The VLF Rate? If the VLF tax rate were restored, cities and counties would receive their funds directly from the proceeds of the tax and the state would not have to reimburse them for their losses. [...] The progressivity of different taxes can be compared by dividing the share of a poor families' income that goes to a particular tax by the share of income a wealthy family pays in the same tax (Table 2). [...] Married, non- elderly families in the bottom fifth of the California income distribution spent nearly three times as much of their income on the VLF as did families at the top of the income distribution. [...] An EITC puts money back in the pockets of working families at a small fraction of the amount raised by the restoration of the VLF.
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PDF May 8, 2002 OPTIONS FOR BALANCING THE BUDGET: REINSTATING THE VEHICLE LICENSE FEE RATE In 1998, the Legislature passed a 25 percent permanent reduction in the Vehicle License Fee (VLF) rate, which included a complex series of triggers that increased the size of the tax cut if state revenues reached certain targets. [...] What Would Be The Impact Of Restoring The VLF Rate? If the VLF tax rate were restored, cities and counties would receive their funds directly from the proceeds of the tax and the state would not have to reimburse them for their losses. [...] The progressivity of different taxes can be compared by dividing the share of a poor families' income that goes to a particular tax by the share of income a wealthy family pays in the same tax (Table 2). [...] Married, non- elderly families in the bottom fifth of the California income distribution spent nearly three times as much of their income on the VLF as did families at the top of the income distribution. [...] An EITC puts money back in the pockets of working families at a small fraction of the amount raised by the restoration of the VLF.
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Languages : en
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The spending reductions contained in the plan are deeper than would be necessary to balance the budget in the absence of the proposed tax reductions. [...] The tax increases on low income families come from the proposed cigarette and excise tax increases contained in the President's and the Senate's plan and the excise tax increases in the House plan (the House plan does not include a cigarette tax increase). [...] In contrast: • In the House plan, the wealthiest one percent receive 38.0 percent of the benefits, more than the bottom 80 percent of the nation's families combined. [...] This results from a phasing in of a number of the provisions contained in the plans and the backloaded nature of many of the reductions. [...] First, the magnitude of the spending reductions in the various spending plans does not increase at the rate of the tax cuts.
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Estimates of the budget shortfall for the current and budget year have range from the Governor's forecast of $12.5 billion in January to the Legislative Analyst's Office (LAO) $17.5 billion estimate in February. [...] Issues Raised By The Simon Budget Proposal • Simon would cut Higher Education by $923 million below the level in the Governor's Proposed Budget, equivalent to a 9.3 percent reduction, in 2001-02, and by $936 million, or a 9.4 percent reduction, in 2002-03. [...] • Simon would cut spending for Health and Human Services (HHS) Agency programs by $1.2 billion (5.4 percent) below the level in the Governor's Proposed Budget in 2001-02, and to $1.7 billion (7.5 percent) below the Governor's Proposed Budget level in 2002-03. [...] • Simon would cut Technology, Trade, and Commerce (TTC) Agency spending to $49 million (71.0 percent) below the level in the Governor's Proposed Budget in 2001-02, and to $10 million (13.9 percent) below the level in the Governor's Proposed Budget in 2002-03. [...] 5 APPENDIX B Simon And Davis Proposals To Bridge The Budget Gap (Dollars in Millions) The following is a side-by-side comparison of Bill Simon's and Governor Davis' proposals to eliminate the projected shortfall in the current and budget year.
Author: California. Legislature. Joint Legislative Budget Committee. Legislative Analyst
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Category : Budget
Languages : en
Pages : 24
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The Governor's proposed budget includes increased funding levels for K-12 schools and higher education and calls for the expansion of Medi-Cal, the state's health care program for low-income families, as part of the state's implementation of federal health care reform. [...] Still, the state gained an average of 21,200 jobs per month in the first 11 months of 2012, and the Administration's forecast projects nonfarm employment to grow 2.1 percent in 2013, 2.4 percent in 2014, and 2.5 percent in 2015, recovering jobs lost during the recession by the second quarter of 2015. [...] As a result, the Governor proposes two options for implementing the Medicaid expansion in California: The state-based approach would enroll newly eligible Californians directly into Medi-Cal and provide the full range of Medi-Cal benefits to these new enrollees, with the exception of long-term care, which would not be part of the standard benefit package. [...] Shift $92 million in Proposition 98 funding and $12.4 million in Charter School Revolving Loan Fund dollars to the California School Finance Authority (CSFA) to reflect the proposed realignment of the Charter School Facility Grant Program and the Charter School Revolving Loan Program from the California Department of Education to the CSFA. [...] o In 2013-14, this funding increase would equal $125.1 million each for the UC and CSU, and would be provided in addition to the $125 million General Fund that both the UC and CSU will receive for not increasing tuition and fees in 2012-13, as required by the 2012-13 budget agreement.
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Category : Budget
Languages : en
Pages : 50
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Author: California Citizens Budget Commission
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Category : Budget process
Languages : en
Pages : 120
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The California Budget Project's third annual conference will examine proposals for addressing the state's fiscal crisis and improving the social and economic well-being of low- and middle-income Californians. [...] Join policymakers, national budget experts, advocates, service providers, and local government officials in a discussion on how to balance the budget and protect services in the context of a changing political environment. [...] Workshops will feature state and national speakers ad- dressing the current budget crisis, the ins and outs of the state's tax system, the health care crisis, the affordable housing crunch, and the latest develop- ments in welfare reform. [...] olicymakers, advocates, service providers, and local government officials with an interest in improving the lives of low- and middle-income Californians should attend the third annual conference of the California Budget Project. [...] P C Morning Plenary How Should the Budget Be Balanced? How can the Legislature and the Governor balance the state budget while protecting low- and middle- income Californians? Speakers: Kim Belshé, Secretary, California Health and Human Services Agency Diane Cummins, Chief Fiscal Policy Advisor, Office of Senate President Pro Tem John Burton Craig Cornett, Budget Director, Office of Assembly Speak.
Author: Mr.Tamim Bayoumi
Publisher: International Monetary Fund
ISBN: 1451954700
Category : Business & Economics
Languages : en
Pages : 24
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State budgets in the United States played a significant macroeconomic role in the 1970s and 1980s, and the level of cyclical responsiveness was affected by the severity of statutory and constitutional fiscal restraints. Moving from no fiscal restraints to the most stringent restraints lowered the fiscal offset to income fluctuations by around 40 percent. Simulations indicate that a reduction in aggregate fiscal stabilizers of this size could lead to a significant increase in the variance of aggregate output.
