The Los Angeles City Council voted Wednesday to impose a new fee on development to raise millions of dollars a year for affordable housing as the city copes with rising rents and surging homelessness
But California could shift its tax burden away from income tax — one of the highest in the nation —and onto employers via the state payroll tax. Unlike individual taxpayers, employers would still be able to deduct this state tax on their federal returns. A group of tax law experts that includes Hemel and University of California, Davis Law Professor Darien Shanske write in a paper published Dec. 7 that such a tax “would function, in economic terms, very similarly to an income tax imposed directly on the employee.”
Occupational licensing has come under increased scrutiny across levels of government, and desire for reform is bipartisan. The Federal Trade Commission has held two roundtables disseminating research about the effects of licensing on economic opportunity. The Council of Economic Advisers in both the Obama and Trump administrations has suggested that these regulations impede work and opportunity.
Leaders of America’s largest companies expressed strengthening confidence in plans to ramp up capital investment and ultimately productivity over the next six months, contingent on Congress’s ability to pass tax reform.
Chief executives’ plans for capital investment rose to their highest level since the second quarter of 2011, according to the Business Roundtable’s fourth-quarter survey of CEOs.
Like other transplants I spoke to in Nevada, Herndandez didn't want to leave California. It's home. It's where she went to school and where her parents still live in the house she grew up in. But unless you choose a career that will pay you a small fortune to manage costs driven higher by a stubborn shortage of new housing, California is not a dream, it's a mirage.
Moving to get a better job or move up the workplace chain is nothing new. But what's going on here seems different — people leaving not for better jobs or pay, but because housing elsewhere is so much cheaper they can live the middle-class life that eludes them in California.