What Newsom unveiled Monday is a retake on that earlier budget blueprint, but freshened up with new estimates of the state’s fiscal future. Tack on the extra surplus money and you end up with a new record-high total: $300.7 billion.
“I have all the confidence in the world we’ll be able to square those modest differences and we’ll come around to a number and a strategy that’s in the best interests of Californians,” Newsom said.
Also missing from the governor’s blueprint: An increase in the minimum payment of the state’s Earned Income Tax Credit program, a tax refund for low-wage residents. That idea has the backing of Atkins. For his part, Newsom pointed out his gas rebate proposal includes $750 million to encourage free public transportation for three months. It also includes $2.7 billion to pay rental assistance to residents who had applied before March 31 , and $1.4 billion in utility assistance.
, was approved by voters during the heyday of the state’s conservative “tax revolt” and capped per-person state spending to its 1978 level, after adjusting for inflation. Anything left over has to be sent back to taxpayers and school districts. With the state’s coffers as full as they are, the January budget blueprint projected that the state would breach the cap.
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