x
Breaking News
More () »

California revenues soar as rich get richer during pandemic

California's income tax collections in January were $7.5 billion more than projected, putting the state $10.5 billion ahead for the fiscal year that began on July 1.
Credit: AP
FILE - In this Jan. 8, 2021, file photo, California Gov. Gavin Newsom speaks about his 2021-2022 state budget proposal during a news conference in Sacramento, Calif. California is billions of dollars ahead of its tax collections projections despite many people being out of work because of the pandemic. California lost 1.6 million jobs in 2020 and nearly half a million people stopped looking for work. (AP Photo/Rich Pedroncelli, Pool, File)

SACRAMENTO, Calif — California is billions of dollars ahead of its tax collections projections despite many people being out of work because of the pandemic.

The state lost 1.6 million jobs in 2020 and nearly half a million people stopped looking for work. But California's income tax collections in January were $7.5 billion more than projected, putting the state $10.5 billion ahead for the fiscal year that began on July 1.

California has a $15 billion surplus to spend this year. If trends continue, the state could add another $4 billion to that total. The state has already approved a $7.6 billion coronavirus aid package.

For the full AP story, click HERE.

WATCH ALSO:

UC Davis doctor explains benefits of Johnson & Johnson vaccine approval

Before You Leave, Check This Out