Pity the California taxman. The state has a yawning price range deficit, which politicians try to slim. Native legal guidelines make it tough to boost taxes, requiring a two-thirds majority. Worse, once-reliable sources of funds are working dry. Gas-tax revenues are forecast to fall sharply as drivers swap to electrical autos. Revenues from cigarette taxes have fallen by $500m, or 29%, since 2017; now these from alcohol taxes are dropping, too. This can be a concern: at current, revenues from the trio of taxes quantity to almost half of what the state spends on larger schooling.
