The Legislative Analyst's Office revealed that California's budget forecast for 2025-2026 appears 'roughly balanced' due, primarily, to the booming tech stock market.
Although California's economy is described as 'sluggish,' the surge in stock pay from high-income tech workers significantly boosted state income tax revenues.
In the first half of 2024, stock compensation from major tech companies contributed nearly 10% of California's total income tax withholding, highlighting the influence of stock prices.
Tech giants like Nvidia and Apple saw their stock prices increase dramatically, with Nvidia growing by 199%, which greatly benefits the state's fiscal health.
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