CalMatters: $165 billion revenue error continues to haunt California’s budget ...Middle East

History will — or at least should — see a $165 billion error in revenue estimates as one of California’s most boneheaded political acts. It happened in 2022, as the state was emerging from the effects of the COVID-19 pandemic. Gov. Gavin Newsom’s Department of Finance, based on one short-term spike in income taxes, projected that revenues from the state’s three largest sources would remain above $200 billion a year indefinitely. Newsom then declared that the budget had a $97.5 billion surplus, although that number never appeared in any documents. “No other state in American history has ever experienced a surplus as large as this,” Newsom bragged as he unveiled a 2022-23 fiscal year budget th

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CalMatters: $165 billion revenue error continues to haunt California’s budget ...Middle East

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