Despite announcing a budget surplus of nearly $100 billion, Gov. Gavin Newsom's plan to spend that money would likely push the state toward a 'fiscal cliff' next year, a state analyst said.
The Riverside football team comprised of deaf players that garnered national attention and captured the hearts of many is getting a big gift from Gov. Gavin Newsom.
The limit is re-calculated each year based on growth in inflation and population. For decades, California didn't have trouble staying under the limit. But that changed in recent years as the state's population declined slightly while revenues soared at an unprecedented pace - the result of a surging stock market making wealthy people even richer in a place that taxes them more than other states.
Other voter-approved constitutional rules require lawmakers to spend a certain amount of money on public education while setting aside enough to pay down debts and replenish the state's reserves. That means for every $1 the state goes over the limit, it must spend $1.60 to get back under it.
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California bill would use $97 billion surplus to expand child tax credit for the state's lowest-income familiesAB 2589, from Los Angeles-area Assemblyman Miguel Santiago, would expand the Young Child Tax Credit to provide a one-time $2,000 tax credit per child to families earning $30,000 or less per year.
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Despite surplus, California Legislative Analyst warns of 'fiscal cliff' in 2023Despite announcing a record-smashing budget surplus of nearly $100 billion on Friday, California Gov. Gavin Newsom's plan to spend that money would likely push the state toward a 'fiscal cliff' next year, a state analyst said Monday.
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Behind Newsom's $301 billion budget, big financial concernsCalifornia has a whopping $100 billion surplus, but looming financial threats could threaten the state's economy in just a few years.
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Michael Jordan’s Legacy Still Fuels Jordan Brand GrowthSince Michael Jordan was persuaded to sign with the nascent Nike brand rather than the then-dominant Adidas in 1984, he has personally made more than $1.4 billion from the deal.
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California bill would use $97 billion surplus to expand child tax credit for the state's lowest-income familiesAB 2589, from Los Angeles-area Assemblyman Miguel Santiago, would expand the Young Child Tax Credit to provide a one-time $2,000 tax credit per child to families earning $30,000 or less per year.
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