CalMatters: Newsom budgets have a lousy track record forecasting California’s tax revenues ...Middle East

A review of recent state budgets and Gov. Gavin Newsom’s newly released 2024-25 budget proposal reveals truly monumental errors in revenue estimates by his fiscal advisors, particularly personal income taxes. The stark differences between estimates and reality, if continued, will affect the state budget’s solvency for at least the remaining years of Newsom’s governorship. Newsom’s latest budget acknowledges that income taxes, which are mostly paid by those in upper income brackets, are $44 billion less than previously projected for the three-year “budget window” from 2022-23 through 2024-25. But the shortfall is actually billions of dollars more. When Newsom and the Legislature enacted a 202

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CalMatters: Newsom budgets have a lousy track record forecasting California’s tax revenues ...Middle East

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