California Sees Record $97.5 Billion Surplus, Driven by the Rich - BitcoinEthereumNews.com
KabuhayanNakikita ng California ang Rekord na $97.5 Bilyon na Sobra, Hinihimok ng Mayaman05 / 13 / 2022Balita ng Ethereum ng Bitcoin (Bloomberg) — California Governor Gavin Newsom said Friday that his state has a record $97.5 billion operating surplus, as high tax rates on its wealthiest residents mean he has more cash to fund liberal priorities such as education and health care. Karamihan Basahin mula sa Bloomberg The surplus is bigger than the entire 2020 spending of any other state except New York and Texas. Of that windfall, lawmakers can tap $49.2 billion for any purpose. That figure surpasses the staggering $38 billion that they had at their disposal during the previous budget season, then considered the biggest. The surplus is “simply without precedent,” Newsom, a first-term Democrat up for re-election this year, said as he unveiled a $227.4 billion budget for the next fiscal year begining in July. While billionaires such as Elon Musk have derided Californias high taxes as they decamped to low-tax states such as Texas, the progressive tax system rakes in more revenue when income rises for its wealthiest residents. That group has reaped the benefits of rising stock prices and stable employment even as many lower-income workers lost their jobs