The Implications of Federal Budget & Tax Proposals for California

Californians typically pay more in federal taxes than the state receives in federal spending each year, making California a “donor state.”1All years in this fact sheet represent federal fiscal years (FFYs), which begin every October 1 and end the following September 30. The data presented in this fact sheet differs from the data included in … Continued

Corporate profits have skyrocketed in recent years while workers’ wages have stagnated and families struggle to keep up with the rising costs of living. Despite these disparities, large tax breaks, such as the “Water’s Edge” loophole, remain in place. Big corporations have also benefited greatly from the 2017 Trump tax cuts and stand to receive … Continued