California Gov. Gavin Newsom will update his budget proposal on Friday, and the news likely won't be good.Newsom, in his last term as governor and widely seen as a future presidential candidate, announced a nearly $38 billion deficit in January, driven by declining revenues. Days later, the nonpartisan Legislative Analyst's Office said the deficit was actually $58 billion when including some reductions in public education spending.
'State budgeting is a guessing game, particularly in California, where a progressive tax system means the state gets the bulk of its tax collections from rich people. About half of the state's income tax collections came from just 1% of the population in 2021. This makes the state more vulnerable to swings in the stock market.If lawmakers and Newsom get revenue projections wrong and the state takes in less than they thought, there's a shortfall.
California
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