WHY IS CALIFORNIA’S ECONOMY SUCH A MESS?
It is a well-known fact that California has the largest state deficit in American history. Furthermore, at 11.9 percent, California also has the dismal distinction of having the nation’s second-highest unemployment rate.
And that’s not all. There are other points that some argue contribute to California’s weak economy*:
- Top Marginal Personal Income Tax Rate: 10.55 percent
- Top Marginal Corporate Income Tax Rate: 8.84 percent
- Personal Income Tax Progressivity (change in tax liability per $1,000 of income): $36.19
- Property Tax Burden (per $1,000 of personal income): $27.18
- Remaining Tax Burden: (per $1,000 of personal income): $16.13
- Debt Service as a Share to Tax Revenue: 8.7 percent
- Public Employees Per 10,000 of Population (full-time equivalent): 502.1
- State Minimum Wage: $8.00
- Average Worker’s Compensation Costs: $2.72
- Right to Work State: No
Obviously, after reviewing the above, California is not in very good shape (economically speaking
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