California will generate $133 billion in additional state and federal revenue, and residents will gain $435 billion in additional income by 2030 by increasing college degree production and closing racial equity gaps, according to California’s Biggest Return, a publication released today by the Campaign for College Opportunity.
To reap billions in state and federal revenues, California must ensure 60% of Black; Latinx; American Indian/Alaska Native; Asian American, Native Hawaiian and Pacific Islander; and white residents hold a degree or high-value credential by 2030. When California reaches the 60% college attainment for all racial/ethnic group milestone, individuals and the state win big! With an investment of $79 billion, the state will see:
Additional revenue for California residents by 2030
- $435 billion in cumulative additional income before taxes
- $329 billion in cumulative additional money to spend or save after taxes
- A rise in the average income among Latinx Californians in the workforce by $9,621 per year
- A rise in the average income among Black Californians in the workforce by $4,196 per year
- A rise in the average income among American Indian/Alaska Native Californians in the workforce by $8,882 per year