California’s budget plan balanced with risky assumptions

From The Los Angeles Times:

SACRAMENTO — Gov. Jerry Brown has bet a portion of California’s financial health on the expectation that a hyperpartisan Congress will change course on a hotly debated tax policy this year.

The budget Brown signed last week assumes that over the next four years the state will reap almost $2.3 billion from the federal estate tax, a levy on wealth inheritance. California hasn’t collected any revenue from the tax since 2004, and if Congress sticks with current policy it won’t in the coming years, either.

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