California Gov. Gavin Newsom has projected a $22.5 billion budget deficit for the upcoming fiscal year
, could signal the end of a decade's worth of economic growth in the nation's most populous state.
The California Republican Party quickly blasted the proposal, saying Newsom has for years failed to adequately tackle issues like homelessness and wildfires despite record spending. “Investing in climate solutions is the only way to ensure a better California for all who live here,” said David Weiskopf, senior policy adviser for the climate group NextGen California.
Newsom has been warning of a potential budget shortfall for more than a year, and the Legislative Analyst’s Office said in November the shortfall could be around $25 billion. The money has come mostly from a soaring stock market that launched a parade of California-based tech companies. Those companies — including the likes of Uber, Airbnb, Lyft and Pinterest — made lots of people very rich, creating a new class of millionaires and billionaires in a state with a progressive tax code where nearly half of all income taxes come from the top 1% of earners.
Money from capital gains taxes is projected to be about 5.5% of the state's revenue, down from 9.75% last year, Newsom said.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
California Gov. Gavin Newsom slams GOP: They 'kidnap migrants' and 'demonize Mickey Mouse'California Gov. Gavin Newsom used his second-term inaugural address at the state Capitol to take swipes at leading nameless Republican politicians.
Weiterlesen »
California faces budget deficit of $22.5B, governor saysCalifornia Gov. Gavin Newsom has projected a $22.5 billion budget deficit for the upcoming fiscal year
Weiterlesen »
Gavin Newsom takes hits from Twitter after heralding California as the 'true freedom state'California Gov. Gavin Newsom, D, caught flak from social media users who claimed his speech and tweet calling California a 'freedom state' was out of touch.
Weiterlesen »
Evacuations underway as another wet, windy day settles in on Bay AreaAccording to Gov. Gavin Newsom, 12 people have died from storms throughout the state.
Weiterlesen »
Live Bay Area storm updates: Evacuations, power outages and flooding on another wet, windy dayAccording to Gov. Gavin Newsom, 12 people have died from storms throughout the state.
Weiterlesen »
California Gov. Newsom asks Biden administration to declare federal emergency ahead of brutal stormsAdditional rain on California's saturated soil will lead to considerable flooding, mudslides, and, burn scar debris flows. Latest Sunday updates.
Weiterlesen »