That is correct!  The standing "liquid" investment capital (NOT government buildings and land but global and domestic management funds collective balances from all local government operations in CA)

There are over 10,000 local government operations in CA (City; County; State; School Districts; enterprise operations, etc.) each with their own investment accounts building over the decades, and the collective totals from all is about 8-trillion dollars. Most of that equity is invested "outside' of CA and about 35% globally in countries like China; Russia; India; Mexico; Argentina; etc....

A cost / value study of where and how that 8-trillion is being utilized would determine what percentage is actually and truly to be re-designated as surplus revenue.

The intentional black-out of any discussion in this arena is firmly in place DUE TO THE MONEY involved. Everyone of those managed equity funds large and small is a power-base by where those funds are invested. Companies and real-estate projects globally are made or broken though the choices of where and who gets the investment capital. (much grease on the skids there and thus full cooperation with the "silence is golden rule")

Again, you are absolutely correct Graham: "California has not been overtaxed eight trillion dollars. That's ludicrous."

8-Trillion in wealth transfer took place over the decades with no direct tie or benefit to whom it was transferred (taken) from. The wealth was designated for the benefit of the inside players calling the shots of where and with whom the money was placed (invested) with.

As we all slept, the "I's" were dotted and the "T's" crossed as government on all levels "collectively" took it all over by investment "globally". The large corporations and businesses were acquired little-bit by little bit each and every year to accomplish the takeover.

Government's CAFR (Comprehensive Annual Financial Reports) or if a smaller local government their AFR (Annual Financial Report) or AFS (Annual Financial Statement) showed the decades of wealth accumulation and that is why never a peep or a word of their existence. (a Google will bring up many)

What the population was spoon fed were selectively created "Budget Reports" that showed primarily were "tax" revenue was brought in and where "tax" revenue was expended "for the year".

The Annual Financial Report showed the tax revenue AND the investment / enterprise income / holdings that had built up over the "decades". Great effort was exerted by the inside players NEVER to mention the CAFR. They did not want to trigger a cognitive thought from within the populations thinking, and again done so DUE TO THE MONEY involved...

On a last note: All of that welfare / food stamps / free medical / cash assistance given to the population that amounts to a few trillions of dollars, here is a cognitive thought for you: In the scheme of things that money is spent and rolls right back to the large corporations that government collectively owns by investment. Smaller companies benefit also and thus can pay their ever increasing tax bill.

In this fashion they stabilize their own holdings and in thus doing so stabilize their investment return. Get it? Did the big A-Ha moment just occur for you? Socialized engineering for profit.

If you look at the audit of the IRS that I have in my download directory on my site CAFR1, you will see the large corporations after deductions pay virtually no tax while the small pay substantial tax. The 1+1=2 equation here is: Why would government tax the large corporations that they collectively own by investment where in doing so it would diminish their investment return...

The world, and our government's financial holdings is a much different place then we were spoon-fed to believe as empires small and large were created from and by the inside players as we all were "Masterfully Entertained" into distraction. 

Provided FYI and for your cognitive thinking from,

Walter Burien - CAFR1.com

PS: Google: "Westminster Abby" "Annual Financial Report" 

Many good pictures in the beginning but scroll down and get to the investment holdings section to see the wealth.  The Roman Catholic AFR I got a look at a summary page back about 35-years ago and it showed at that time in just real-estate holding globally 1.8 trillion dollars in value. The Mormon Inc. report (Church of Jesus Christ of Latter Day Saints was listed as a sub-not-for-profit holding) were not doing to bad also. 25-years ago they were standing at 30-billion dollars in holdings with a few thousand wholly owned companies (grocery; trucking; pipelines, rental units; gas stations, etc.) owned by them. Both the Catholic Church and the Mormons pulled their AFR from viewing on the internet twenty-five years ago. I spoke to the financial manager of Westminster Abby (UK) about three-years ago and he as I would, would love to see the current Catholic Church's (the Vatican's) AFR to see the value of the global holdings.