Flags over the California Capitol in Sacramento. Courtesy of Sen. Toni Atkins’ office For the last two decades, California’s governors and legislators — and lobbyists for countless groups with stakes in the state budget — have engaged in a running debate over ever-increasing volatility in tax revenues. As the revenue stream grew, personal income taxes became the dominant source. The state’s highest-income taxpayers generated half those taxes largely from profits on their investments, which can vary widely year to year. Moreover, as revenues became less predictable the state’s spending became less flexible. For example, a 1988 ballot measure, Proposition 98, requires that about 4
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