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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 Governments Rely on a Variety of Taxes

California Governments Rely on a Variety of Taxes December 16, 2014

The state government and local governments, respectively, rely on different tax revenue sources.

Thumbnail for Breaking Down State and Local Sales Tax Rates

Breaking Down State and Local Sales Tax Rates December 15, 2014

California's sales and use tax is dedicated to various state and local purposes.

Thumbnail for Share of Consumer Income Spent on Taxable Goods Has Declined

Share of Consumer Income Spent on Taxable Goods Has Declined December 15, 2014

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.

Thumbnail for Corporation Tax Liability As Percent of Profits Has Declined

Corporation Tax Liability As Percent of Profits Has Declined December 10, 2014

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.

Thumbnail for In Many Sectors, California's Job Mix Similar to the U.S.

In Many Sectors, California's Job Mix Similar to the U.S. December 9, 2014

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.

Thumbnail for Personal Income Tax Is State's Dominant General Fund Revenue

Personal Income Tax Is State's Dominant General Fund Revenue December 9, 2014

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.

Thumbnail for Voting Requirements to Increase Taxes and Fees

Voting Requirements to Increase Taxes and Fees December 9, 2014

The California Constitution and laws require a variety of different voter or legislative approval thresholds to increase taxes, fees, assessment, or debt.

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.

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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.

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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.