That's thanks to the Federal Congress and Jerome Powell, not to California's supposed fiscal prudence. California has benefited from the Federal spending bonan

That's thanks to the Federal Congress and Jerome Powell, not to California's supposed fiscal prudence. California has benefited from the Federal spending bonanza and also has famously high tax rates, treats capital gains as ordinary income, and has a lot of rich people. The FTB seems to have screwed up the links[1] and I can't find later data for a complete fiscal year, but check out "Ordinary Dividends" and "Capital Gain" in exhibit A9 for FY2019[2] to get a sense of how important that is to the state budget. [1]: https://data.ftb.ca.gov/stories/s/Other-Tax-Data/sgxz-494k#department-of-finance-exhibits https://data.ftb.ca.gov/stories/s/Other-Tax-Data/sgxz-494k#d... [2]: https://data.ftb.ca.gov/download/d6s8-gyup/application%2Fpdf https://data.ftb.ca.gov/download/d6s8-gyup/application%2Fpdf