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Gavin Newsom Announces Tax Rebates As California Records Budget Surplus !

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California Gavin Newsom

Governor Gavin Newsom Announces Budget Surplus For California

Gavin Newsom is currently facing a recall election for California Governor. He is bound to come up with announcements to please the people. However, his latest announcement on the state’s budget will surprise many Californians. Newsom announced a budget surplus of $75.7 billion. That is a big deal since the state was staring at a $54.3 billion deficit last year. Moreover, $26 billion from the federal government will take the surplus to $100 billion. Newsom said, “Today, we’re announcing a $75.7 billion budget surplus. I’ll repeat that. There’s only three people apparently heard it. This time last year we announced a $54.3 billion shortfall. Today, we are announcing a projected $75.7 billion budget surplus. It’s a remarkable turnaround. An additional $26 billion will be coming from the federal government. We are now in a position to roll out a $100 plus billion dollar comeback plan in the State of California. ”

California Gavin Newsom

Source: ABC7 San Francisco

Gavin Newsom Announces Tax Rebate For The People Of California

Governor Gavin Newsom thinks the budget surplus should be used to provide some relief to Californians. He announced a tax rebate for all Californians earning below $75,000. The tax rebate would cost the government close to $12 billion and impact 80 percent Californians. Since the state is running a surplus, more plans and incentives might be announced in the coming days. Moreover, Newsom said, “Today we’re announcing $12 billion tax rebate to the people of the State of California earning up to $75,000. Let me put that in perspective. That tax rebate will impact just shy of 80% of all tax filers. People will get a direct stimulus check, will get a direct relief payment because of this announcement. Two-thirds of all Californians will benefit from this stimulus. That’s roughly $12 billion. Let me be specific. $11.9 billion.”

California Gavin Newsom

Source: Time Magazine

Budget Surplus Couldn’t Have Come At A Better Time For Gavin Newsom

The budget surplus has come at the perfect time for Newsom. His administration is under attack and the Republicans are trying hard to win it back. The announcement of tax rebate might end up swinging many votes in favor of Newsom. Republicans have been attacking him for poor decision making. However, this budget surplus could turn the election in his direction.

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