State revenues soar, rich get richer during pandemic By ADAM BEAM article California Governor Gavin Newsom arrives to brief the media on the opening day of a new mass Covid-19 vaccination site established between the federal government and the state on February 16, 2021 on the campus at California State University of Los A Expand SACRAMENTO, Calif. - At the end of 2020, California had lost a record 1.6 million jobs during the pandemic. Nearly a half-million people stopped even trying to look for work. Business properties saw their value plummet more than 30%. But California's bank account is overflowing. As of January, the state's tax collections were $10.5 billion ahead of projections. By the end of the fiscal year on July 1, Gov. Gavin Newsom and the state Legislature could have a $19 billion surplus to spend.