The Daily Signal The Golden State’s Biggest Myth: Taxes Aren’t Revenue | Elaine Culotti
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Jan 27, 2026 A fiery take arguing taxes are not true revenue and that private capital and businesses create wealth. A critique of bureaucracy, overregulation, and how policy choices pushed industries out of California. Practical proposals to cut red tape, speed post-disaster rebuilding, and reopen the state to business investment.
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Taxes Are Derived, Not Generated
- Elaine Culotti argues taxes are not true revenue; they are funds extracted from privately generated capital.
- Real revenue comes from businesses, jobs, construction, and investment that create taxable activity.
State Spending Versus Value Creation
- The state itself creates no value: it spends taxpayer capital rather than producing income.
- California's fiscal woes stem from relying on taxed private activity rather than generating independent revenue.
Regulation Shrinks The Tax Base
- Culotti says California has driven industry out through regulation, litigation, and high taxes.
- That exodus shrinks the taxable base and worsens the state's revenue shortfall.