How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Recent enthusiasm around Artificial Intelligence (AI) has pushed the stock market to record highs and boosted compensation for the state 's technology workers. The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Recent enthusiasm around Artificial Intelligence (AI) has pushed the stock market to record highs and boosted compensation for the state 's technology workers. The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023.
https://lao.ca.gov/LAOEconTax/article/Detail/852

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

^[PDF] Overview on Poverty

Despite its fl aws, the poverty thresholds allow researchers and policy makers to examine trends over time using a consistent measure.  Substantial Changes Set for 2011. In September 2011, the Census Bureau will publish two sets of poverty data.
https://lao.ca.gov/handouts/socservices/2011/Poverty_Overview_05_10_11.pdf

2005 Initiative Analysis:Voters' Right to Protect Marriage.

For the receipt of federal benefits or for federal tax purposes, current federal l aw only recognizes marriage between a man and a woman. State Laws. The State Constitution currently does not define marriage.
https://lao.ca.gov/ballot/2005/050563.htm

2006 Initiative Analysis: The Voters' Right to Protect Marriage Initiative

The fiscal effect o f the measure is unknown and would depend on future interpretation by the courts of what constitutes “rights, incidents, or employee benefits of marriage,” both under existing l aw and under the measure.
https://lao.ca.gov/ballot/2006/060436.htm

2006 Initiative Analysis: The Voters' Right to Protect Marriage Initiative (version 2)

The fiscal effect o f the measure is unknown and would depend on future interpretation by the courts of what constitutes “rights, incidents, or employee benefits of marriage,” both under existing l aw and under the measure.
https://lao.ca.gov/ballot/2006/060490.htm

2006 Initiative Analysis: The Voters' Right to Protect Marriage Initiative (version 3)

The fiscal effect o f the measure is unknown and would depend on future interpretation by the courts of what constitutes “rights, incidents, or employee benefits of marriage,” both under existing l aw and under the measure.
https://lao.ca.gov/ballot/2006/060628.htm

The 2023-24 Budget: May Revenue Outlook [EconTax Blog]

May 13, 2023 - There is a good possibility that rising interest rates and tightening credit soon will push the economy into a broader slowdown, leading to further revenue declines. It is also possible that today ’s economy could prove more resilient than prior episodes —perhaps due to unprecedentedly high demand for workers.
https://lao.ca.gov/LAOEconTax/Article/Detail/774

2000 Budget Analysis: H&SS; Foster Care

Current l aw provides the same COLA for FFHs and GHs, but makes them "subject to the availability of funds." We recommend providing a COLA to FFH and GH providers because (1) there is no pol icy rationale for distinguishing these types of providers from FFAs, and (2) revenues are sufficient to provide the COLA.
https://lao.ca.gov/analysis_2000/health_ss/hss_19_Foster_Care_anl00.htm