State Sees 65% Drop in Taxes on Stock Gains
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From Times Staff and Wire Reports
The money California gets from taxing stock market gains and options fell 65% last year, the single largest decline since the Great Depression, a new report says.
Income tax receipts related to the stock market fell from $17 billion in the 2000 fiscal year to roughly $6 billion in 2001 and 2002, according to a study by Legislative Analyst Liz Hill. Overall, state revenue declined by $10 billion in each of the last two years.
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