Newsom To Release New Budget Proposal
Sacramento, CA — California is anticipated to have a one-time 26-billion windfall as Governor Gavin Newsom prepares to release his fiscal year 2021-22 proposed budget.
The state’s non-partisan Legislative Analyst reports that revenues have increased this past year despite the coronavirus pandemic. Specifically, the impact has been uneven as the state’s tax code relies more heavily on the wealthy earners, who have been less affected, especially in sectors like technology, when compared to shuttered restaurants and hospitality businesses.
Newsom previewed some aspects of the budget earlier this week. For example, he is proposing a $4.5-billion “Equitable Recovery for California’s Businesses and Jobs Plan,” and a $600 stimulus check for those making under $30,000 per year.
The Governor plans to release more details around 11 o’clock this morning.