Jan. 3, 2017
Executives have grown more optimistic about growth, in part anticipating that President-elect Donald Trump’s administration and Republican congressional majorities will bring regulatory rollbacks, corporate tax breaks and increased infrastructure spending.
While the most current complete tax data from the Franchise Tax Board is for 2013, the recently published zip code data enables some preliminary analysis for the 2014 receipts.
By region, 40.3% of PIT revenues came from the Bay Area. More importantly, 51.2% of the increased PIT revenues in 2014 came from this region, once again illustrating how much California is reliant on a single region not only for continued jobs and employment growth, but the continued health of the state’s fiscal situation. Los Angeles, with 30% of the population, was the next largest region, paying 27.5% of total PIT and a 25.5% share of the increased PIT receipts.
In the absence of state policies that promote more balanced and geographically dispersed jobs growth, California’s finances will likely continue to be reliant on the economic health of one region.
Jan. 7, 2016
Governor Edmund G. Brown Jr. today proposed a $122.6 billion General Fund budget plan for 2016-17 that makes significant increases in funding for education, health care and state infrastructure, while bolstering the state's Rainy Day Fund and paying down state debts and liabilities.
Dec. 8, 2015
These projections reveal the significant impact the aging population will have on labor demand and labor supply. Health-care jobs will grow fastest, and nearly one-quarter of the labor force will be older than prime working-age (a term that might itself need to be retired). More generally, job growth will favor women and those with advanced degrees, while men with high school degrees may face the biggest labor-market challenges.
Oct. 23, 2015
Reich has a different vision: that government should mandate that all employers offer higher wages, and that people who can’t find jobs at those wages should be denied the chance to work. But creating a permanent underclass of people who can never get the skills for a meaningful career is not moral; it is cruel.