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.
Building permits for residential construction dropped sharply after the collapse of the housing bubble. They are recovering slowly.
The Department of Finance's Finance Bulletin, today's version of which includes November 2014 revenue data, is the key report on state revenues each month.
The property tax is the largest source of local tax revenue for all local governments combined.
Since passage of Proposition 13 in 1978, the allocation of local property taxes has changed several times.
The state government and local governments, respectively, rely on different tax revenue sources.
California's sales and use tax is dedicated to various state and local purposes.
In recent decades, Californians have spent more of their income on housing, health care, and other services not subject to the state and local sales tax.
Using various provisions of state tax law, such as tax credits, corporations may reduce their tax liability. These tax law provisions have led to corporations' effective state tax rate falling in recent years.
California has a greater share of jobs in professional/business services and information combined than those sectors have in the rest of the U.S. This can be attributed in part to the state's technology and entertainment industries.
Over the past several decades, the personal income tax has replaced the sales tax as the main source of the state's General Fund revenue.
The California Constitution and laws require a variety of different voter or legislative approval thresholds to increase taxes, fees, assessment, or debt.