Californians love to tax everyone except themselves, hence the state’s budget is a wildly volatile creature that depends on the fortunes of a small number of people and a moderate recession will put us in $60B of deficits.https://twitter.com/dancalmatters/status/996741092706930693 …
I'm not advocating for a more regressive tax code. I just want people to be mindful that reflexively taxing the wealthy more doesn't automatically solve California's profound inequality issues. It actually makes it harder to predictably budget under the current system we have.
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there are a variety of solutions -- you could keep progressive taxation but build into stronger circuit breakers for saving the money in good years (like a rainy day fund on steroids) or you restructure it so it doesn't go up and down by +/-$100B
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