Taxes represent our shared effort to support vital public services and systems that underpin a robust economy and strong communities. The Budget Center’s works to highlight the importance of having a tax system that not only provides sufficient resources, but also asks individuals, families, and businesses and other organizations to contribute based on their ability.
California Can Raise Revenue for New Investments in an Unexpected Way — By Adopting Parts of Last Year’s Federal Tax Giveaway
This blog post shows that despite the severe deficiencies of the Tax Cuts and Jobs Act (TCJA), California policymakers now have an opportunity to raise state revenues to support new investments by adopting into the state tax code certain changes made by the TCJA.
Corporations Pay Far Less of Their California Income in State Taxes Compared to the Early 1980s
This Fact Sheet shows that, since the early 1980s, California lawmakers have enacted a number of corporate tax breaks and cut corporate tax rates and that California corporations are likely to pay far less of their income in federal taxes due to the 2017 Tax Cuts and Jobs Act.
Last Year’s Federal Tax Law Exacerbates the Racial Wealth Gap
The federal tax law enacted in 2017 made major tax policy changes that overwhelmingly favor the wealthy and large corporations. This blog post discusses how this law will over the long term widen the already sizeable gap between the wealthiest Americans and the less well off, as well as worsen the wealth disparity between white families and families of color.