https://www.democraticunderground.com/100217550851Here's a fun thread that will either grow with lies and speculation, or it will die from the truth.
former9thward (28,020 posts)
California's Newsom Proposes Budget Cuts as State Faces $22.5 Billion Deficit
California Gov. Gavin Newsom proposed a leaner budget Tuesday that would cut spending on climate change and transportation programs in response to a projected $22.5 billion budget shortfall.
Mr. Newsom said that the whiplash demonstrates the effects of California’s progressive tax system on state revenues, which rely heavily on personal income taxes, particularly from the ultrawealthy.
California’s projected deficit comes as many other states are enjoying large surpluses, in large part due to a deluge of federal funds over the past three years to fight the coronavirus pandemic. On Monday, Texas announced a record $188.2 billion in general fund revenue and projected it would have a $32.7 billion surplus over the two-year period ending in August 2023. In West Virginia, Gov. Jim Justice is proposing tax cuts to spend some of the $1.3 billion surplus there.
An October analysis of the 15 largest states by Fitch Ratings showed California was the only state experiencing year-over-year tax revenue declines. While the state’s employment has rebounded over the past 14 months, personal income tax withholding is down, in part because salary bonuses and initial public offerings have declined, according to the LAO, which forecast the deficit in November.
https://www.wsj.com/articles/california-faces-22-5-billion-deficit-11673373996?mod=us_lead_pos5
msongs (65,174 posts)
3. seems like only yesterday CA was bragging about its huge surplus nt
jimfields33 (12,024 posts)
6. I know. This is so strange. Where the heck did the surplus go?
MichMan (8,346 posts)
4. Didn't they give everyone a check to help with inflation ?
Because they had a big surplus?
Sibelius Fan (24,123 posts)
5. Yes. We've had record surpluses for multiple years. I believe it was $76-billion last year.
We get refunds per state law.
TheBlackAdder (25,560 posts)
7. CA, NJ & NY wouldn't be cutting services if they weren't bailing out socialism sucking Red States.
The last post is a blatant lie.
DUmmies I'll give you just 2 things to think about;
1. Your government has ran off those who were paying into the system.
2. How's that "hey, let's GIVE money to anyone who is identifying as trans!!" Woo hoo, great idea.
Also, I don't know how many videos I've seen of homeless people being interviewed in CA and they are laughing all the way to the bank. One guy said he was getting $600/month plus food stamps and all he had to do was make 2 phone calls. He said he would be crazy to quit that gig.
Anyone else want to add on to this?
KC
