Things are looking rough for California residents in 2024. A nearly $100 billion dollar surplus has been turned into $73 billion (and growing) deficit.
Sadly, the solution from Sacramento seems to be doubling down on the policies that are causing many of these issues. New changes to the law have been proposed that will be voted on later this year designed to make it easier for California politicians to raise taxes.
In addition, this approach seems poised to try and challenge the one thing that has at least kept property taxes at bay - proposition 13.
Instead of making the needed budget cuts to meet needs, the typical tendency to take more in tax revenue ends up encouraging more residents to leave. Of course, the biggest earners - and therefore the biggest contributors to tax revenues - see the economic landscape they face in California and decide to leave the state all together.
Today, we will chat about all that and get a feeling for what everyone will be facing in 2024 in California.
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