OPINION: Walters: California’s ticking time bomb

As a result of California’s state budget being so reliant on the personal income taxes of just one percent of taxpayers, which amounts to about 150,000 families in a state of 40 million people, the state’s revenue is volatile and may place the state in fiscal peril during the next recession, argues Dan Walters of CALmatters. Tax reform is needed to shift the state’s dependence on the wealthy to a more equitable mixture of taxes, in the hopes of providing the state budget a source of revenue that would be more stable in the event of a recession.

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