This goes to the legislature now. Hopefully the republicans and moderate dems (if there still are any) there will put in place sanity regarding this issue.
This goes to the legislature now. Hopefully the republicans and moderate dems (if there still are any) there will put in place sanity regarding this issue.
Newsom Revises California Budget Deficit estimate to $31.5 Billion
Gov. Gavin Newsom (D-CA) announced that California's budget deficit is now estimated to be $31.5 billion, a figure $9 billion higher than the $22.5 billion figure announced in January.
"We have a $31.5 billion challenge, which is well within the margin of expectation and well within our capacity to address," Newsom said at a press conference on Friday.
The increased budget deficit is a symptom of the state's progressive tax code, which relies on high-income taxpayers whose income is dependent on the stock market. Capital gains are lower than in recent years, leading to less revenue.
That has an edit in the middle of her comment. That’s about right if saving a dollar a day for 30 or 40 years and earning a small interest rate. $365 x 40 = $14,600. Add interest and it’s probably about $30k.