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

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

The 2024-25 Budget: Department of Health Care Access and Information

Feb 27, 2024 - News articles around this time also reported that some hospitals had filed for bankruptcy and that several others were in financial distress. In response to the above concerns, the Legislature enacted a few new programs to provide financial relief to hospitals, described further below.
https://lao.ca.gov/Publications/Report/4860

The 2022-23 Budget: Assessing Proposals to Address Unemployment Insurance Fraud

Feb 15, 2022 - In December 2020, EDD hired Pondera, an investigation consulting firm owned by the Thompson Reuters news service, to review nearly 10  million claims issued during the pandemic, but before ID.me came online, for potentially fraudulent characteristics.
https://lao.ca.gov/Publications/Report/4542

The 2022-23 Budget: Office of Planning and Research Budget Proposals

Feb 9, 2022 - To increase awareness about the program and to recruit volunteers, California Volunteers would develop a robust marketing campaign using social media platforms, such as Facebook and Ring Neighborhoods, and provide communications support to neighborhood leaders. $1.5   Million for Digital Infrastructure.
https://lao.ca.gov/Publications/Report/4523

MOU Fiscal Analysis: Bargaining Unit 8 (Firefighters)

Sep 7, 2021 - Based on news reports (see here and here ) as well as a letter from U.S. Senator Feinstein to U.S. President Biden, it seems that the federal government has had challenges retaining wildland firefighters in California because the compensation offered is significantly less than the compensation offered to CalFire firefighters.
https://lao.ca.gov/Publications/Report/4451

Judicial Branch Actions Responding to COVID-19

May 6, 2020 - For example, access to Los Angeles court facilities is generally restricted to judges, court staff, individuals involved in cases, witnesses, attorneys, and authorized persons (such as news reporters).
https://lao.ca.gov/Publications/Report/4227

How High? Adjusting California’s Cannabis Taxes

Dec 17, 2019 - Miller, Keaton and Boyoung Seo (2019). “Tax Revenues When Substances Substitute: Marijuana, Alcohol, and Tobacco. ” Mimeo, University of Oregon. National Academies of Sciences, Engineering, and Medicine (2017).
https://lao.ca.gov/Publications/Report/4125

Tempered Expectations

Dec 9, 2019 - The good news is that the state’s current budget reserves and annual operating surpluses (where revenues exceed expenditures) provide enough of a fiscal cushion to cover the revenue shortfalls of our recession scenario.
https://lao.ca.gov/Publications/Report/4122

Fiscal Outlook: Estimating Wages and Salaries [EconTax Blog]

Nov 14, 2018 - We expect workers in technology sector jobs —which includes firms conducting data processing, software development, and web search, like Google and Facebook —to see strong growth in both average wages and jobs.
https://lao.ca.gov/LAOEconTax/Article/Detail/321