California’s COVID-Resistant Tax Revenues

November General Fund tax revenues came in 30 percent above forecast. Through the first five months of the fiscal year, revenues now exceed forecast by $14 billion. Despite the pandemic, 2020 calendar year tax revenues are running ahead of 2019:

That’s despite a 9.3 percent unemployment rate, more than double November 2019’s unemployment rate and nearly 40 percent higher than the national unemployment rate.