Have you heard that Facebook is going public with an IPO this week? It's going to do great things for all people.
It will make everything better, especially in California.
The latest state finance projections estimate that Facebook's IPO will add $14 billion to personal incomes in California just this year. That's up from $12 billion earlier this week. The IPO will account for 20 percent of all income growth in the state this year, and nearly one percent of all income, period.
The California Legislative Analyst's Office predicts shares will price at $38 and rise to $45 "in six months." Over the next few years, total IPO-related personal income and capital gains taxes will reach $2.4 billion without a proposed tax hike, $2.9 billion if voters give the tax hike a "like" in November.