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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 ...
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.
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 ...
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.
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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
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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]