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

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

California's Cooling Housing Market [EconTax Blog]

Aug 30, 2022 - These historically low mortgage rates contributed to rising demand to buy homes which, in turn, pushed up prices.   In 2022, however, the Fed —facing rising inflation —reversed its course and mortgage rates have increased substantially.
https://lao.ca.gov/LAOEconTax/Article/Detail/749

Proposition 32 [Ballot]

Nov 5, 2024 - Higher minimum wages also tend to push up wages for other workers. This means that many workers making a bit more than $18 per hour also likely would get a raise. Likely Higher Prices. Higher wages would increase costs for many businesses.
https://lao.ca.gov/BallotAnalysis/Proposition?number=32&year=2024

The 2026-27 Budget: California Student Aid Commission

Feb 17, 2026 - The solution does not come with any associated new out ‑year obligations (unlike certain other solutions that effectively push out costs). The proposed funding level is $513   million ongoing General Fund.
https://lao.ca.gov/Publications/Report/5127

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

The 2023-24 Budget: Commission on Peace Officer Standards and Training—Office of Administrative Hearing Costs

Feb 13, 2023 - As of January 2023, POST had filled roughly one-third of its 16 positions in the Intake and Disposition bureau, which is responsible for analyzing and evaluating complaints received from the public and serious misconduct allegations received from l aw enforcement agencies.
https://lao.ca.gov/Publications/Report/4677

The 2026-27 Budget: Department of Justice

Feb 11, 2026 - Despite that action, DOJ firearm-related costs stemming from increased workload, newly enacted legislation, and the FITSM project continued to push the fund toward insolvency. This looming insolvency of the DROS Special Account h as led to DOJ increasingly requesting General Fund resources to support firearm-related workload that can statutorily be supported by the special funds.
https://lao.ca.gov/Publications/Report/5118