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California Gov. Newsom unveils historic $97.5 billion price range surplus


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California Gov. Newsom unveils historic $97.5 billion funds surplus
2022-05-15 00:07:17
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SACRAMENTO, Calif. — California is getting into the following price range 12 months with a record-smashing surplus of almost $100 billion, Gov. Gavin Newsom mentioned Friday.

Newsom unveiled a revised budget plan of simply over $300 billion for the subsequent fiscal yr, the highest in state historical past and fueled by surging tax revenues. The state has collected $55 billion more in taxes than officials anticipated in January, leaving it with an estimated $97.5 billion surplus.

Which means Newsom, a Democrat, has tens of billions of dollars more to spend on new and existing initiatives as he seeks re-election in the fall. He plans further spending to sort out the continuing drought, to assist more women get abortions in California and to offset rising prices of food, gasoline and different items on account of inflation.

He’ll have to succeed in agreement with the Democratic-led legislature on all of his proposals. They have till the top of June to finalize the price range, which takes impact July 1.

Newsom mentioned one in every of his prime price range priorities is providing Californians reduction from inflation.

“People are feeling deep stress, deep anxiousness,” he said.

He’s proposed giving $400 checks to registered automobile owners within the state, with up to two checks per person. That might cost the state about $11.5 billion, he stated. Although the money would solely go to automotive homeowners, Newsom said it needs to be thought-about “inflation refund and relief.”

“For you, it may very well be a rebate to handle the issue of groceries, it could possibly be a rebate to deal with the other price burdens which can be positioned on you,” he stated.

Democratic lawmakers, though, have a distinct concept on the best way to provide relief. They wish to give $200 checks only to these below a sure income degree.

Republicans, meanwhile, say moderately than a test Newsom ought to suspend the state’s highest-in-the nation gas tax for one 12 months. They’ve additionally requested him to increase a tax credit for renters and supply new tax credits to college students.

“Senate Republicans imagine there is a higher method to invest in the state,” stated Sen. Rosilicie Ochoa Bogh of Yucaipa.


Quelle: www.nbcnews.com

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