100,000 a Year Will Make you Bitcoin 60 mh sales Broke with the California Tax System: Why California is a Fiscal Disaster. Broken Tax Structure built on Bubbles.
It is amazing how little attention on a national scale the California debacle is getting. 8 trillion a year to the national GDP. California has drastically changed in the past century. Before 1912 California would pull 70 percent of its revenue from property taxes. It is rather apparent how a recession this deep will plunge the state to near economic collapse.
First, personal income taxes take major hits during a crisis like this. If the state is drawing nearly half of its revenue from a volatile stream, you will get volatile tax collections. Capital gains income highlights this boom and bust cycle perfectly. So of course, this revenue stream was chopped each year.