California Is Still Not Out of Its Budget Hole

The Wall Street Journal reports:

Just 144,000 wealthy families, or 1% of taxpayers, provide half of the income tax revenue under the state’s steeply progressive tax rates, which top off at 10.3%. Revenue surges in boom times and crashes during downturns, leading to recurring spending binges that are followed by deficit hangovers.

You'll want to read this one.