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

Mar 9, 2026 - March 9, 2026 Chas Alamo State Budget Is Heavily Reliant on Stock Market Earnings. California 's progressive income tax system is heavily reliant on stock market earnings because the state has concentrated its tax collections among high-income earners whose incomes are most tied to the stock market through capital gains, equity compensation, and investment returns.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - March 9, 2026 Chas Alamo State Budget Is Heavily Reliant on Stock Market Earnings. California 's progressive income tax system is heavily reliant on stock market earnings because the state has concentrated its tax collections among high-income earners whose incomes are most tied to the stock market through capital gains, equity compensation, and investment returns.
https://lao.ca.gov/LAOEconTax/article/Detail/852

^[PDF] Proposition 26: Allows In-Person Roulette, Dice Games, Sports Wagering on Tribal Lands. Initiative Constitutional Amendment and Statute.

For example, cardrooms may earn less revenue if they are negatively impacted by the new civil enforcement method. This could reduce the taxes and fees they pay to the cities where they are located. „ The effects on most local governments would likely not be large.
https://lao.ca.gov/handouts/crimjust/2022/Proposition-26-081022.pdf

An Update on California Competes [EconTax Blog]

Mar 10, 2023 - These conclusions seem somewhat at odds with the significant share of credits recaptured from businesses due to their failure to meet investment targets. One potential interpretation is that the state is making high risk-high reward bets on businesses.
https://lao.ca.gov/LAOEconTax/Article/Detail/771

The 2018-19 Budget: The May Revision—State Earned Income Tax Credit Expansion

May 14, 2018 - The administration proposes to expand the state EITC to working individuals without children who are between the ages of 18 and 25, as well as to those over age 65. In addition, the administration proposes to increase the income level at which the credit phases out completely to $24,960 (the earnings of one person working fulltime at the 2019 minimum wage of $12 per hour) for filers with one or more dependents and to $16,800 for filers with no dependents.
https://lao.ca.gov/Publications/Report/3835

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - As shown in Figure  1 , many signs of an overly exuberant stock market are present today: measures of whether stocks are “expensive ” are at historically high levels, investors are borrowing more to buy stocks, and households are more invested in the stock market than they have been in at least 70  years.
https://lao.ca.gov/Publications/Report/5091

The 2025-26 Budget: Scholarshare Investment Board

Apr 30, 2025 - The 2025-26 Budget: Scholarshare Investment Board Scholarshare Investment Board Introduction Post Focuses on California Kids Investment and Development Savings (CalKIDS) Program. The Scholarshare Investment Board (SIB) administers the CalKIDS program, which provides college savings accounts for children.
https://lao.ca.gov/Publications/Report/5035

^[PDF] Proposition 27: Allows Online and Mobile Sports Wagering Outside Tribal Lands. Initiative Constitutional Amendment and Statute.

The increase would depend mostly on how sports betting is regulated—such as the number of sports betting licenses approved, the type and number of betting options and events offered, and how much state enforcement is done.
https://lao.ca.gov/handouts/crimjust/2022/Prop-27-081022.pdf

The 2018-19 Budget: California Earned Income Tax Credit Education and Outreach

May 8, 2018 - Whether fewer individuals would have filed a tax return without the additional outreach activities is unknown based on the data available. In addition, we do not know how many eligible individuals did not file tax returns ( “non-filers ”).
https://lao.ca.gov/Publications/Report/3826

Online sports wagering. [Ballot]

Oct 20, 2021 - Specifically, tribes have certain rights to govern themselves without interference from states. As a result, state regulati on of tribal casinos and other activities is generally limited to what is authorized under (1)  federal law and (2)  federally approved agreements negotiated between a tribe and state (known as tribal-state compacts).
https://lao.ca.gov/BallotAnalysis/Initiative/2021-017