Tax and Revenue Policy Glossary
What’s the difference between income and wealth? Taxes for individuals and corporations in California? Tax credits and deductions?
Related Resources
Our work highlights how the state’s tax system remains unjust and points to opportunities to promote equity and economic security through tax policies that ensure all Californians can share in our state’s prosperity.
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Fact Sheet
Corporations Pay Far Less of Their California Income in State Taxes than a Generation Ago
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Fact Sheet
California Loses Nearly $70 Billion Annually Through Tax Breaks
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Glossary
Tax and Revenue Policy Glossary
Taxes & Revenue -
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California’s Tax & Revenue System Isn’t Fair for All
Taxes & Revenue -
Fact Sheet
Investment in Communities Requires a Close Look at California’s Tax and Revenue System
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Report
Promoting Racial Equity Through California’s Tax and Revenue Policies
Legacies of historical racist policies and ongoing discrimination in areas such as education, employment, and housing have barred many Californians of color from economic opportunities. As a result, Californians of color — particularly Black, Latinx, and American Indian Californians — are less likely to have high incomes and to have built enough wealth to be able to weather periods of income loss, retire comfortably, and pass on wealth to their children. These barriers have also made Californians of color more likely to have experienced health and economic consequences of the COVID-19 crisis. One area policymakers should consider in efforts to address these inequities is the state’s tax and revenue policies. Although these policies may appear race-neutral, they can play a significant role in either worsening existing racial and ethnic income and wealth disparities or promoting greater equity for Californians.Taxes & Revenue
Get the Facts
California’s state budget would have received $13.3 billion more revenue in 2018 had corporations paid the same share of their income in taxes that year as they did in 1981.
California’s largest personal income tax deductions mostly benefit high-income Californians, worsening racial inequities.
California has two refundable tax credits, the California Earned Income Tax Credit (CalEITC) and the Young Child Tax Credit, which boost the incomes of Californians with incomes under $30,000.
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