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A comment on It’s Time to Build. Parent comment
https://www.latimes.com/california/story/2020-03-27/coronavi...
FWIW CA's tax system is pro-cyclical, because they do tax the richest 1%'s more, but the result is that 1%'s don't make any capital gains in recession years so state tax revenues get obliterated during recessions.
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https://www.latimes.com/california/story/2020-03-27/coronavi...
FWIW CA's tax system is pro-cyclical, because they do tax the richest 1%'s more, but the result is that 1%'s don't make any capital gains in recession years so state tax revenues get obliterated during recessions.