California’s state budget is inordinately dependent on taxing the incomes of wealthy residents. Gov. Gavin Newsom’s proposed 2025-26 budget assumes that the state will receive $133.7 billion in ...

When the rich are getting richer, California sees multi-billion-dollar revenue windfalls. But downturns in their investments often result in sharp declines in tax receipts. In his budget ...

When the rich are getting richer, California sees multi-billion-dollar revenue windfalls. But downturns in their investments often result in sharp declines in tax receipts. In his budget ...