Trump’s Tariffs Threaten California Tax Revenue by $16 Billion

California is bracing for a significant hit to its tax revenue as President Trump’s tariffs take effect, with the state’s finance team projecting a loss of $16 billion in next year’s fiscal year. A memo released on Tuesday revealed that this decline stems from stock market sell-offs following Trump’s wide tariff push in April, impacting various sectors like capital gains, corporate taxes, and personal income taxes.