For Thrive, the Alliance for Nonprofits for San Mateo County’s “Tax Time Matters,” Senior Policy Analyst Sara Kimberlin presented on how the California Earned Income Tax Credit (CalEITC) boosts economic security for low-income workers and the Governor’s proposal to significantly expand the credit in the 2019-20 state budget.
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Corporations Pay Far Less of Their California Income in State Taxes than a Generation AgoCalling California home means sharing in the responsibility of creating strong communities. Yet, corporations are contributing roughly half as much of their California profits in state taxes than four decades ago. In the early 1980s, corporations that reported profits in California paid more than 9.5% of this income in state corporation taxes. In contrast, corporations … ContinuedTaxes & Revenue
California Loses Nearly $70 Billion Annually Through Tax BreaksCalifornia will lose an estimated $69.2 billion in state General Fund revenues in 2021-22 to personal and corporate income tax breaks — or “tax expenditures.” Many of the state’s largest tax breaks primarily benefit higher-income households and businesses, while just a fraction of the state’s tax … ContinuedTaxes & Revenue
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