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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.