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Not Dire, For Now: California Expects $26 Billion Windfall Despite Pandemic
We Get Support From: We Get Support From:| CalMattersThe good news: The recession California officials predicted in the early months of the coronavirus pandemic has not been as dire as they thought it would be, leaving the state with a $26 billion windfall heading into the next fiscal year. The bad news: A reason for the unanticipated cash reveals the state’s . Pandemic-induced job losses have been concentrated among low-wage workers, who pay relatively little taxes to begin with, while wealthy residents have continued to make money and pay taxes, leading to much greater...… We Get Support From: We Get Support From:| CalMattersThe good news: The recession California officials predicted in the early months of the coronavirus pandemic has not been as dire as they thought it would be, leaving the state with a $26 billion windfall heading into the next fiscal year. The bad news: A reason for the unanticipated cash reveals the state’s . Pandemic-induced job losses have been concentrated among low-wage workers, who pay relatively little taxes to begin with, while wealthy residents have continued to make money and pay taxes, leading to much greater...WW…
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