California Gov. Gavin Newsom is dealing with a significant budget deficit, with discrepancies in deficit figures. Despite the $73 billion shortfall estimated by the Legislative Analyst's Office, Newsom's Department of Finance states it is at $38 billion.
Newsom highlighted the challenges posed by relying heavily on capital gains for state income. In 2021, California received 11.6% of its income from capital gains, significantly higher than the historical average of 5.18%.
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