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

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 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

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

The 2026-27 Budget: Cap-and-Invest Expenditure Plan

Feb 10, 2026 - While this rationale is reasonable, this approach is not without trade ‑offs. Most notably, because including state operations expenditures as part of Tier 1 means they receive first priority for available GGRF, adding new activities to this category can have the effect of gradually “crowding out ” other GGRF ‑funded programs and activities.
https://lao.ca.gov/Publications/Report/5114

Sports wagering. [Ballot]

Dec 18, 2023 - Specifically, tribes have certain rights to govern themselves without interference from states. As a result, state regulation of tribal casinos and other activities that take place on Native American lands 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/2023-031

Residency rules for state personal income tax purposes. [Ballot]

Jan 27, 2026 - California residents pay state income taxes on all their income, including wages, investment income, and capital gains, even if the income was earned outside the state. Nonresidents Pay Tax on California-Earned Income.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-039

Gaming. [Ballot]

Dec 18, 2023 - Specifically, tribes have certain rights to govern themselves without interference from states. As a result, state regulation of tribal casinos and other activities that take place on Native American lands 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/2023-030