Your SlideShare is downloading. ×
Obama Tax Plan: Impact on California
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Obama Tax Plan: Impact on California

222
views

Published on

Impact of President Obama's tax plan on California and how the planned tax hike or tax increase will impact California's economy

Impact of President Obama's tax plan on California and how the planned tax hike or tax increase will impact California's economy

Published in: News & Politics

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
222
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
7
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. THE EFFECTS OF THE OBAMA TAX PLAN California President Obama’s tax plan would allow portions TOTAL EMPLOYMENT of the 2001 and 2003 tax cuts to expire, resulting in Annual Change in Jobs steep tax hikes beginning in January 2011 for small 2011 2015 2020 businesses and those earning $250,000 or more. 0 The tax hikes would significantly affect the economy in California, most notably in the number of jobs –20,000 and change in personal income. Among the results, from 2011 to 2020, the state –40,000 of California would: • Lose, on average, 81,518 jobs annually. –60,000 • Lose, per household, $37,312 in total disposable personal income. –80,000 • See total individual income taxes increase by $69,220 million. –100,000 Source: Heritage Foundation calculations based on the IHS Global Insight U.S. macroeconomic model, and data from the U.S. Census –120,000 Bureau and U.S. Department of Labor, Bureau of Labor Statistics. –102,972 REAL DISPOSABLE INCOME TOTAL INDIVIDUAL INCOME TAXES Annual Change per Household Annual Change in Millions of Dollars $8,587.7 2011 2015 2020 $0 $9,000 –$500 $8,000 –$1,000 $7,000 –$1,500 $6,000 –$2,000 $5,000 –$2,500 $4,000 –$3,000 $3,000 –$3,500 $2,000 –$4,000 –$4,500 $1,000 –$5,000 $0 2011 2015 2020 –$4,722.87 Chart CA • Obama Tax Plan by State heritage.org
  • 2. THE EFFECTS OF THE OBAMA TAX PLAN Change in Employment in California Average Annual Change in Total Employment, 2011 to 2020, by Congressional District 2 Jobs Lost: 800–1,399 Jobs Lost: 1,400–1,599 Jobs Lost: 1,600–1,799 4 Jobs Lost: 1,800–2,320 1 State: 81,518 jobs lost annually on average 6 11 3 19 18 17 21 20 25 22 24 41 45 49 52 51 Source: Heritage Foundation calculations based on the IHS Global Insight U.S. macroeconomic model, and data from the U.S. Census Bureau and U.S. Department of Labor, Bureau of Labor Statistics. Map CA • Obama Tax Plan by State heritage.org