Region: California
Aug. 23, 2016
The latest new vehicle sales data from California New Car Dealers Association shows continued but slowing growth in California’s purchases of new cars and trucks.
Many believe the current tax system does not serve California as well as it might, and that a review of the entire structure is long overdue. Post - Proposition 13 revenues from the sales and use tax, the corporation tax, and the property tax have diminished. This has increased California’s dependence on the personal income tax. The increasing volatility of the state’s economy (and the stock market) has translated into greater unpredictability of state tax revenue, presenting challenges for budget forecasts.
Income inequality has been growing for decades, in California and the nation as a whole. In recent years, inequality—and the role of policy in addressing it—has become a major focus of public debate. This report documents the polarization of incomes across the state and shows how social safety net programs mitigate inequality.
The Failure to Act report series answers this key question — how does the nation’s failure to act to improve the condition of U.S. infrastructure systems affect the nation’s economic performance? In 2011 and 2012, ASCE released four Failure to Act reports in a series covering 10 infrastructure sectors that are critical to the economic prosperity of the U.S.
States’ actual expenditures for OPEB totaled $18.4 billion in 2013, or 1.6 percent of state-generated revenue. . . . If states had instead set aside the amount suggested by actuaries to pay for OPEB liabilities, their total payments that year would have more than doubled to $48 billion—4 percent of state-generated revenue—and spending to fully fund OPEB obligations would have outpaced what states contributed to active state employee health premiums.
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