The California Budget Bust Arrives – cnn hollywood


Much like California’s climate cycle of storms and drought, the state’s progressive tax code yields revenue booms and busts. Now the bust is coming. After a $100 billion budget surplus two years ago, the Golden State is now staring at a $68 billion shortfall because the gusher of tax revenue from soaking the rich has dried up.

The state Legislative Analyst’s Office projected on Thursday a $68 billion budget gap through the next fiscal year and $155 billion in cumulative deficits over the next four years. For comparison, Florida’s entire general fund budget was $46.1 billion this year.

HTML tutorial

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Leave a comment