California Gov. Gavin Newsom has projected a $22.5 billion budget deficit for the upcoming fiscal year
, could signal the end of a decade's worth of economic growth in the nation's most populous state.
The California Republican Party quickly blasted the proposal, saying Newsom has for years failed to adequately tackle issues like homelessness and wildfires despite record spending. “Investing in climate solutions is the only way to ensure a better California for all who live here,” said David Weiskopf, senior policy adviser for the climate group NextGen California.
Newsom has been warning of a potential budget shortfall for more than a year, and the Legislative Analyst’s Office said in November the shortfall could be around $25 billion. The money has come mostly from a soaring stock market that launched a parade of California-based tech companies. Those companies — including the likes of Uber, Airbnb, Lyft and Pinterest — made lots of people very rich, creating a new class of millionaires and billionaires in a state with a progressive tax code where nearly half of all income taxes come from the top 1% of earners.
Money from capital gains taxes is projected to be about 5.5% of the state's revenue, down from 9.75% last year, Newsom said.
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