Unicorn IPOs could mean tax jackpot for California
Photo: Josh Edelson/AFP/Getty Images
Uber and Airbnb are among at least six California-based companies valued at more than $1 billion expected to go public this year, creating a new class of millionaires and billionaires and a potential windfall for state budget writers, the AP reports.
Why it matters: It's an enticing way for lawmakers to fund chosen causes — a temptation legislative leaders are trying to resist. Lawmakers can't count on the money being there every year, and they want to learn from past mistakes.