Proposition 2 sets aside a portion of California's General Fund tax money for 15 years for certain debt payments, including, potentially, payments to reduce the state's large unfunded retiree health liability.
Across the state, Californians spend more of their income on housing compared to residents in other states' metropolitan areas.
The Department of Finance's Finance Bulletin, today's version of which includes November 2014 revenue data, is the key report on state revenues each month.
The property tax is the largest source of local tax revenue for all local governments combined.
In recent decades, Californians have spent more of their income on housing, health care, and other services not subject to the state and local sales tax.
Using various provisions of state tax law, such as tax credits, corporations may reduce their tax liability. These tax law provisions have led to corporations' effective state tax rate falling in recent years.
California has a greater share of jobs in professional/business services and information combined than those sectors have in the rest of the U.S. This can be attributed in part to the state's technology and entertainment industries.
Over the past several decades, the personal income tax has replaced the sales tax as the main source of the state's General Fund revenue.