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$165 billion revenue error continues to haunt California’s budget

Summary by Lake County Record-Bee
History will — or at least should — see a $165 billion error in revenue estimates as one of California’s most boneheaded political acts. It happened in 2022, as the state was emerging from the effects of the COVID-19 pandemic. Gov. Gavin Newsom’s Department of Finance, based on one short-term spike in income taxes, projected that revenues from the state’s three largest sources would remain above $200 billion a year indefinitely. Newsom then decl…
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Bias Distribution

  • 33% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
34% Center
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