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California Economy and Taxes
 
Image - Big 3 Revenue Outlook
Image - California's Tax System: A Visual Guide
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Thumbnail for California Oil Production Has Stabilized in Recent Years

California Oil Production Has Stabilized in Recent Years December 8, 2014

California ranks behind Texas and North Dakota in oil output, excluding offshore production on federal lands. Over 70 percent of statewide oil production is in Kern County. Oil prices fluctuate widely, and changes in prices can be connected with changes in production activity.

Thumbnail for 2014-15 Sales Taxes $188 Million Below Projections As of Nov. 30

2014-15 Sales Taxes $188 Million Below Projections As of Nov. 30 December 8, 2014

Last week, data showed that personal and corporate income taxes together were $1.6 billion above June 2014 budget projections through November 30. New preliminary data on November General Fund sales tax collections indicate this tax is running a couple of hundred million dollars below budget act projections for the 2014-15 fiscal year to date.

Thumbnail for Local Governments Getting Some Taxes Formerly Allocated to Redevelopment

Local Governments Getting Some Taxes Formerly Allocated to Redevelopment December 8, 2014

In February 2012, over 400 redevelopment agencies were dissolved, and the process of unwinding their financial affairs began.

Thumbnail for Proposition 2 Attempts to Manage State Revenue Volatility

Proposition 2 Attempts to Manage State Revenue Volatility December 8, 2014

Proposition 2, passed by voters in November 2014, includes provisions intended to help manage state budget revenue volatility, principally by requiring certain state revenues to be deposited in budget reserves.

Thumbnail for Personal Income Tax Much More Volatile Than Economy

Personal Income Tax Much More Volatile Than Economy December 8, 2014

The state government's largest revenue source, the personal income tax, is much more volatile than "personal income," one key economic statistic that measures the overall size of the economy.

The LAO Economy and Taxes Blog: An Introduction December 6, 2014

Introducing a new resource for the Legislature and the public to learn more about California's economy and tax revenues.

Thumbnail for California Exports Around the World

California Exports Around the World December 6, 2014

International trade is important to California's economy. The state's key international trading partnerships are diverse, including countries in North America, Asia, and Europe.

Thumbnail for California's Changing Population

California's Changing Population December 5, 2014

California's population is changing. The 65-and-over age group is the state's fastest-growing one. Also, at some point before 2020, Hispanics are expected to become a plurality of the state's population for the first time.

Thumbnail for California Gets Very Large Share of Venture Capital Funding

California Gets Very Large Share of Venture Capital Funding December 5, 2014

Venture capital investments play a key role in financing new technology firms. California--especially the Bay Area--receives a very large share of such investments.

Thumbnail for Income Taxes $1.6 Billion Over Budget Projections Through Nov. 30

Income Taxes $1.6 Billion Over Budget Projections Through Nov. 30 December 5, 2014

Most months, we will provide updates on California state tax revenue collections. These updates will come in several waves as information becomes available. In this post, we discuss November 2014 personal and corporate income tax collections.

Thumbnail for California is the Leading Farm State

California is the Leading Farm State December 4, 2014

Farms and ranches occupy a large portion of California's land area. The Central Valley is one of the world's leading agricultural regions.

Thumbnail for Compared to U.S., California Incomes Higher and More Spread Out

Compared to U.S., California Incomes Higher and More Spread Out December 4, 2014

Incomes are greater for California households than in the rest of the U.S. Incomes are more spread out as well, in that there is a larger gap between high-income and very low-income households.

Thumbnail for Poverty Higher in California Than in Rest of U.S.

Poverty Higher in California Than in Rest of U.S. December 4, 2014

Particularly under a newer U.S. government poverty measure, the Research Supplemental Poverty Measure, California's poverty rate is much higher than that of the rest of the country.

Thumbnail for LAO's CalFacts Publication: Economy and Tax Topics

LAO's CalFacts Publication: Economy and Tax Topics December 4, 2014

We are launching this blog at the same time we release this year's edition of CalFacts. In so doing, we can highlight (and, in some cases, expand upon) CalFacts entries concerning California's economy and taxes.

Thumbnail for Great Recession: More Job Loss...Longer Time to Recover

Great Recession: More Job Loss...Longer Time to Recover December 4, 2014

The 2007-2009 recession hit California very hard. Only recently—in mid 2014—did California return to the number of jobs it had before the recession.