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(The Center Square) – California’s reliance on a notoriously fickle tax system has exacerbated the state’s budget problems in light of Covid-19, an economics professor said.
The state of California relies heavily on income tax and capital gains tax for much of its revenue despite the fact that many experts say these are inherently unstable revenue streams. According to a report from the California state government in 2019, 68.8 percent of California’s revenue was made up of personal income tax.