BIG TECH MONEY like the surge in AI stock prices is boosting California tax collections by about $11 billion, according to a state Legislative Analyst’s Office report released Wednesday.
- That won’t be enough to stamp out California’s deficit. The state’s higher constitutional spending requirements, increased job losses, longer unemployment spells, and other factors mean the deficit is set to swell to about $18 billion next fiscal year.
- This leaves California in a precarious spot. Its richest 1% of people pay nearly half of the state’s personal income taxes, making it especially susceptible to booms and busts. Legislative Analyst Gabriel Petek ...