California Revenues Soar As Rich Get Richer During Pandemic
At the end of 2020, California had lost a record 1.6 million jobs during the pandemic. Nearly a half-million people stopped even trying to look for work. Business properties saw their value plummet more than 30%.
But California’s bank account is overflowing. As of January, the state’s tax collections were $10.5 billion ahead of projections. By the end of the fiscal year on July 1, Gov. Gavin Newsom and the state Legislature could have a $19 billion surplus to spend.
It’s so much money that, for…