Biggest Company in The Golden State Takes Jobs Away
GOOD NEWS! California did not rank among the 10 worst states for retirement.
BAD NEWS! Recently Forbes ranked California among the 10 worst states for business. When it comes to earning a profit, companies are finding fewer reasons to stay in California these days. Comcast moved out. Campbell’s Soup walked away from its Sacramento factory and headed for greener pastures in Texas. And now Chevron is packing up some of its operations and jobs and taking them to Texas, reducing its employee base in California so it no longer will rank as the biggest company in the state. Citing the high cost of doing business in California, companies are beginning to bail, or at least move portions of their firms to more affordable locales.
Jerry Brown’s Prop. 30 which passed in November raises California’s sales tax to 7.5% from 7.25%. This came shortly after Amazon and other out-of-state companies were told they must begin collecting sales tax for California sales. The added costs are in addition to a new retroactive tax on higher wage earners (top 3%) in the state who will pay more than expected on their 2012 income. In addition, Californians pay 33% more than the national average for energy–gas, etc.
But wait! The State of California isn’t the only government agency wanting more of what we earn. Financial experts predict that the U.S. “Fiscal Cliff” will result in Californians and U.S. citizens alike seeing their buying power diminish by a minimum of $1,000 each year, though the exact amount may be more than double that amount. Since tax time approaches, be sure to study up on any possible expenditures and investments you can make this week before 2013 tax season rolls around!
TOP 10 EMPLOYERS IN CALIFORNIA
CA Rank; Company; Revenue ($Millions); City
1. Chevron 200,567 San Ramon
2. Hewlett-Packard 91,658 Palo Alto
3. McKesson 88,050 San Francisco
4. Wells Fargo 47,979 San Francisco
5. Safeway 40,185 Pleasanton
6. Intel 35,382 Santa Clara
7. Walt Disney 34,285 Burbank
8. Ingram Micro 31,357.5 Santa Ana
9. Northrop Grumman 30,304 Los Angeles
10. Cisco Systems 28,484 San Jose
