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California revenues soar as rich get richer during pandemic

SACRAMENTO, Calif. (AP) — At the end of 2020, California had lost a record 1.6 million jobs during the pandemic. Nearly a half-million people stopped even trying to look for ....

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California revenues soar as rich get richer during pandemic

California revenues soar as rich get richer during pandemic
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California revenues soar as rich get richer during pandemic • Long Beach Post News

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But California’s bank account is overflowing. As of January, the state’s tax collections were $10.5 billion ahead of projections. By the end of the fiscal year on July 1, Gov. Gavin Newsom and the state Legislature could have a $19 billion surplus to spend.
It’s so much money that, for just the second time ever, the state is projected to trigger a state law requiring the government to send refunds to taxpayers.
Economic downturns usually put state governments in a bind, forcing them to cut services at a time when people need them most. That’s what happened a decade ago during the Great Recession when the housing market collapsed and the stock market tanked, creating a cascade of losses from the wealthy on down. ....

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California revenues soar as rich get richer during pandemic

California revenues soar as rich get richer during pandemic
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State revenues soar, rich get richer during pandemic

State revenues soar, rich get richer during pandemic
By ADAM BEAM
article
California Governor Gavin Newsom arrives to brief the media on the opening day of a new mass Covid-19 vaccination site established between the federal government and the state on February 16, 2021 on the campus at California State University of Los A
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SACRAMENTO, Calif. - At the end of 2020, California had lost a record 1.6 million jobs during the pandemic. Nearly a half-million people stopped even trying to look for work. Business properties saw their value plummet more than 30%.
But California s bank account is overflowing. As of January, the state s tax collections were $10.5 billion ahead of projections. By the end of the fiscal year on July 1, Gov. Gavin Newsom and the state Legislature could have a $19 billion surplus to spend. ....

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