Gov. Gavin Newsom unveiled a revised 2024-25 state budget and expressed reluctance to raise taxes, despite including indirect tax increases on businesses in the budget.
Countries need to increase tax collection to finance investments in human capital, infrastructure, and services. Many developing countries are struggling to collect enough revenue, with some collecting less than 15% of GDP in taxes. To resume economic growth and reduce poverty, tax systems need to be made more equitable and efficient.