history ch 22

Card Set Information

history ch 22
2012-04-10 17:05:15
history test two

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  1. stucutural budget gap
    long term or permanent
  2. jerry brown
    opposed prop 13 and was agianst cutting taxes
  3. ringmaster of california budget
    the gov
  4. legislatures craft a
    budget that caters to members voting intereswts that helped get elected
  5. oil companys located in ca
    contributed heavily to the elections of statewide officers and state legislatures that reciece a number of annual tax breaks
  6. LAO
    ligislativie analyst office that is not associated with a specific character
  7. prop 140 limited
    terms for both state senators and cut 60% of LAO budget which made analyzing fiscal bills imposible.
  8. progressive tax
    tax takes a greater % of income from people with HIGH INCOMES
  9. regressive tax
    tax that takes a greater % of income from people with LOW INCOMES
  10. personal income tax
    • state income tax
    • largest source of state revenue
    • progressive tax/
  11. sales tax
    • second largest number of tax dollars
    • regressive tax
  12. franchise tax
    • basic rate of 8.84% of profits that are earned in the state
    • corporations taxed by the state gov generated 10% of state revenue
  13. excise tax
    sin tax. selective imposed only on tobacco alcohol and gasoline
  14. general obligation bond
    • full faith and credot
    • long term financing that is slowly paid back by state revenue which comes from taxpayers
  15. revenue bond
    • finance a gov facility that will generate funds used to pay back bond debt
    • some worry about long term repercussions of relying on borrowing.
  16. lease revenue bond
    • requires only a simple majority vote of state legislature
    • funds borrowed normally small but interest reates are higher
  17. the federal government contributes to
  18. how much funds go to health and welfare
    28% extends to health care to low income facilities, elderly, and disabled through medi-cal programs and TANF
  19. how much revenue comes from the state
    31% of county revenue
  20. how local gove is financed
    • 31% comes from state
    • federal funds
    • provide services to municipal gov through concract city arrangements
    • service charges for utilities, licenses and permits
    • impose percentage points on statewide sales tax rate
    • developer fees, buisness license, and hotel taxes
  21. california budget process
    • govenor submits executive budget plan to state legislature by jan 10
    • realisticly starts 6 months before
    • assigned to the asselmbly budget - reviewed- parcled out by subject to subcommiittee
    • LAO- extensive analysis- hearings and testimonies
    • may revise
    • prop 25, 22, 26
    • govenor signs budget bill
  22. LAO office
    extensive analysis citing strong and weak points
  23. may revise
    dept of finance conducted a projection of the states financial picture. done after taxs due in april
  24. prop 25
    pass a state budget changed from 2/3 to simple majority
  25. prop 22
    restricted state government use of fuds marked for transportation and local gov
  26. prop 26
    requires 2/3 majority to approve fees and taxs
  27. govenor has line item veto power
    ability to reject any particular item in the state budeget. not the president