Editing California (section)

===State finances===
{{Main|California state finances|2008–12 California budget crisis}}
[[File:California economic regions map (labeled and colored).svg|thumb|upright=.8|[[economic regions of California|California economic regions]]]]
State spending increased from $56{{spaces}}billion in 1998 to $127{{spaces}}billion in 2011.<ref>{{Cite news |last=Nunes |first=Devin |date=January 10, 2009 |title=California's Gold Rush Has Been Reversed |page=A9 |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB123154816733469917 |access-date=January 29, 2010}}</ref><ref>{{Cite web|url=https://www.reuters.com/article/us-california-budget-idUSTRE7095FB20110110 |title=California's Brown proposes "painful" budget cuts |last=Christie |first=Jim |archive-url=https://web.archive.org/web/20151015211702/http://www.reuters.com/article/2011/01/10/us-california-budget-idUSTRE7095FB20110110 |archive-date=October 15, 2015 |url-status=live |website=Reuters |date=January 10, 2011}}</ref> California has the third highest per capita spending on welfare among the states, as well as the highest spending on welfare at $6.67{{spaces}}billion.<ref>{{Cite news |last=Michael Gardner |date=July 28, 2012 |title=Is California the welfare capital?: Delving into why California has such a disproportionate share of the nation's recipients |work=U-T San Diego |url=http://www.utsandiego.com/news/2012/jul/28/welfare-capital-of-the-us/?page=1#article |access-date=August 6, 2012}}</ref> In January 2011, California's total debt was at least $265{{spaces}}billion.<ref>{{Cite web|url=http://www.sfgate.com/opinion/openforum/article/How-much-does-California-owe-2478624.php |title=How much does California owe? |last=Nation |first=Joe |website=[[Sfgate.com]] |date=January 19, 2011}}</ref> On June 27, 2013, Governor Jerry Brown signed a balanced budget (no deficit) for the state, its first in decades; however, the state's debt remains at $132{{spaces}}billion.<ref>{{Cite web|url=http://www.sfgate.com/news/article/Gov-Brown-proudly-signs-balanced-state-budget-4628307.php |title=Gov. Brown proudly signs balanced state budget |last=Buchanan |first=Wyatt |website=[[Sfgate.com]] |date=June 27, 2013 |access-date=July 29, 2013}}</ref><ref>{{Cite news |title=California's current debt load: $132 billion |url=http://www.bizjournals.com/sacramento/news/2013/09/06/californias-current-debt-load-132.html}}</ref>

With the passage of [[California Proposition 30 (2012)|Proposition 30 in 2012]] and [[2016 California Proposition 55|Proposition 55 in 2016]], California now levies a 13.3% maximum marginal [[income tax]] rate with ten [[tax bracket]]s, ranging from 1% at the bottom tax bracket of $0 annual individual income to 13.3% for annual individual income over $1,000,000 (though the top brackets are only temporary until Proposition 55 expires at the end of 2030). While Proposition 30 also enacted a minimum [[sales taxes in the United States#California|state sales tax]] of 7.5%, this sales tax increase was not extended by Proposition 55 and reverted to a previous minimum state sales tax rate of 7.25% in 2017. Local governments can and do levy additional sales taxes in addition to this minimum rate.<ref>{{Cite web |title=California Proposition 30, Sales and Income Tax Increase (2012) |url=http://ballotpedia.org/wiki/index.php/California_Proposition_30,_Sales_and_Income_Tax_Increase_(2012)#cite_note-taxfoundation_states-6 |access-date=January 16, 2013 |publisher=Ballotpedia}}</ref>

All [[real property]] is taxable annually. Property tax increases are capped at 2% annually or the rate of inflation (whichever is lower), per [[California Proposition 13 (1978)|Proposition 13]].