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 …
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