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Agriculture




State finances

California levies a 9.3 percent maximum variable rate income tax, with six tax brackets, collecting about $40 billion per year (representing approximately 51% of General Fund revenue and 40% of tax revenue overall in FY2007). California has a state sales tax of 8.25%, which can total up to 10.75% with local sales tax included. All real property is taxable annually, the tax based on the property's fair market value at the time of purchase or completion of new construction. Property tax increases are capped at 2% per year (see Proposition 13).

However, California is facing a $26.3 billion budget deficit for the 2009–2010 budget year. While the legislative bodies appeared to address the problem in 2008 with the three-month delayed passage of a budget they in fact only postponed the deficit to 2009 and due to the late 2008 decline in the economy and the credit crisis the problem became urgent in November 2008.

One potential problem is that a substantial portion of the state's income comes from income taxes on a small proportion of wealthy citizens. For example, it is estimated that in 2004 the richest 3% of state taxpayers (those with tax returns showing over 200K USD yearly income) paid approximately 60% of state income taxes. The taxable income of this population is highly dependent upon capital gains, which has been severely impacted by the stock market declines of this period. The governor has proposed a combination of extensive program cuts and tax increases to address this problem, but owing to longstanding problems in the legislature these proposals are likely to be difficult to pass as legislation.

State spending increased from $56 billion in 1998 to $131 billion in 2008, and the state was facing a budget deficit of $40 billion in 2008. California is facing another budget gap for 2010, with $72 billion in debt.

In 2009 the California economic crisis became severe as the state faced insolvency. In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." He called for massive budget cuts of $24 billion, about 14 of the state's budget.

California leads the nation in both agricultural production and manufacturing. As a food producer, California has been number one since the 1940's, and the state also has been the manufacturing leader for many years. Farming, food processing and related activities account for ten per-cent of all jobs in the state. Manufacturing and industry also provide employment for a large portion of the state's workforce.

More than 350 crops are grown in California, with over half the country's nuts, fruits and vegetables coming from the state. Major products include alfalfa, apples, avocados, barley, broccoli, carrots, celery, citrus fruits, cotton, flowers, garlic, grapes, greenhouse plants, lettuce, maize, melons, rice, strawberries and tomatoes. Grown almost exclusively in California are almonds, apricots, artichokes, dates, kiwi fruit, olives, persimmons, pistachios, prunes and raisins. The state's number one crop is cotton.

Dairy products, including milk, cheese, butter and eggs, contribute greatly to the economy, with milk being the leading farm commodity. The second leading product is beef cattle.




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