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

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - Frequently asked questions concerning Facebook and California's General Fund Frequently asked questions concerning Facebook and California's General Fund Program: Revenues Finding or Recommendation: This item lists answers to frequently asked questions concerning Facebook's stock and California's General Fund budget for 2012-13.
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - State tax revenue estimates regarding Facebook, therefore, require numerous assumptions. Because of these factors, there is a large margin of error surrounding both our Facebook revenue estimates and those of the administration.
https://lao.ca.gov/Recommendations/Details/596

Summary of LAO Findings and Recommendations on the 2012-13 Budget

Essentially, to avoid “double counting ” the Facebook income, this means that both of our revenue estimates consider the economy without Facebook and then add PIT revenues on top of those estimates to account for the IPO.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

^[PDF] AHCA: Medicaid as a Per Capita Capped Allotment and the CBO’s Analysis

The CBO estimates the AHCA would reduce federal spending by a net $1.2 trillion over a ten-year period, primarily from reductions in federal funding for Medicaid and from the elimination of the ACA’s premium tax subsidies and cost-sharing reductions.
https://lao.ca.gov/handouts/health/2017/AHCA-and-CBO-Analysis-032217.pdf

Considering Medi-Cal in the Midst of a Changing Fiscal and Policy Landscape

Oct 24, 2025 - …But Potentially With Added Complexity. Adding more flexibilities also could come with the potential downside of more complexity for beneficiaries and counties. For example, exempting high unemployment counties from work requirements could create more volatility.
https://lao.ca.gov/Publications/Report/5083

California Association of School Business Officials,

California Association of School Business Officials, CBO Symposium 0
https://lao.ca.gov/presentations/2014/education/Fiscal-Outlook-112014.pptx

California Association of School Business Officials,

California Association of School Business Officials, CBO Symposium 0
https://lao.ca.gov/presentations/2015/education/CASBO-Presentation-California-Fiscal-Outlook.pptx

^[PDF] California's Fiscal Outlook

California's Fiscal Outlook California Association of School Business Officials, CBO Symposium 0
https://lao.ca.gov/presentations/2014/education/Fiscal-Outlook-112014.pdf