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California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago. Democratic Gov. Gavin Newsom on ...
Newsom's estimate of a $100-billion surplus two years ago ended up far too rosy, and revenue in subsequent years also fell short of projections. ... Newsom is referring to the shortfall as $27.6 ...
The tax hike proposed in Proposition 30 would be imposed on personal incomes exceeding $2 million a year, raising up to $5 billion annually, according to the Legislative Analyst's Office.
According to the California Department of Food and Agriculture, "California agriculture is a $42.6 billion dollar industry that generates at least $100 billion in related economic activity." [37] The state's agricultural sales first exceeded $30 billion in 2004, [33] making it more than twice the size of any other state's agriculture industry.
The plan would devote billions to an inflation relief package, drought and wildfire conditions, healthcare plan subsidies and higher school funding.
The U.S. state of California had a budget crisis in which it faced a shortfall of at least $11.2 billion, [1] and projected to top $40 billion over the 2009–2010 fiscal years. [ 2 ] 2008
California levies a 9.3 percent maximum variable rate income tax, with six tax brackets, collecting about $40 billion per year (representing approximately 51% of General Fund revenue and 40% of tax revenue overall in FY2007). [2] California has a state sales tax of 8.25%, which can total up to 10.75% with local sales tax included. [3]
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