Pity the California taxman. The state has a yawning budget deficit, which politicians are attempting to narrow. Local laws make it difficult to raise taxes, requiring a two-thirds majority. Worse, once-reliable sources of funds are running dry. Fuel-tax revenues are forecast to fall sharply as drivers switch to electric vehicles. Revenues from cigarette taxes have fallen by $500m, or 29%, since 2017; now those from alcohol taxes are dropping, too. This is a concern: at present, revenues from the trio of taxes amount to nearly half of what the state spends on higher education.
Sin taxes are suffering from a shortage of sinners
Related Posts

Bharti, Warburg Pincus pick up 49% stake in Haier India
December 24, 2025
12:55 pm

Business events that shaped India in 2025
December 24, 2025
6:53 am
Granules’ generic for ADHD secures U.S. FDA tentative nod
December 24, 2025
12:50 am