Over the past few months, some of our major international trading partners have seen their economic growth slow. We examine how the California economy may be affected.
In our Overview of the Governor's Budget, we note that lower oil prices should help the economy in the near term.
We compare key economic variables of the Brown Administration's new Governor's Budget plan forecast with those from recent LAO and administration projections.
On an "apples to apples" basis, a preliminary review of the Governor's January 2015 budget proposal shows that it assumes that the "Big Three" General Fund taxes for 2013-14 through 2015-16 will be $1.3 billion higher than the LAO projected in November 2014.
December 2014 sales taxes were 4 percent above projections from last June's state budget act. This adds to the much larger gains due to last month's personal and corporate income tax surge.
The preliminary December 2014 income tax totals increase the chances that General Fund revenues in 2014-15 will be billions of dollars above what our office projected a few weeks ago.
We provide links to other states' and localities' tax agencies that administer their own EITCs.
In most months, we will provide analysis of the Employment Development Department's monthly California jobs report.
Bills to create a state EITC in California have been introduced in the Legislature before. None have been enacted into law.
We provide information on some key resources concerning the federal earned income tax credit.
The federal EITC is a major tax program whose purpose, over time, has moved toward increasing the rewards for paid work and reducing poverty.
Proposition 2 sets aside a portion of California's General Fund tax money for 15 years for certain debt payments, including, potentially, payments to reduce the state's large unfunded retiree health liability.
Since 2002, on an inflation-adjusted basis, housing costs in California have grown faster than the total change in median household income.
Across the state, Californians spend more of their income on housing compared to residents in other states' metropolitan areas.
2013 was the first year since 2006 in which California home prices increased significantly.