The revised $307-billion budget proposal that Gov. Gavin Newsom recently submitted is either too fat with spending or too thin on taxes, Legislative Analyst Gabriel Petek asserted.
Gov. Gavin Newsom has sent the Legislature a proposed state budget that is unrealistic and spews red ink.most trusted numbers-crunching outfit in SacramentoBy law, the annual budget must be balanced. But “balanced” is a subjective characterization based on guesswork. Often it’s rooted in wishful thinking and fudged calculations.
That would mean even deeper program cuts or steeper tax hikes in a state where tax rates already are among the highest — if notNewsom, however, denies this is a high-tax state for 99% of Californians and insists “I’m not a tax-and-spend liberal.” That presumably pleases most voters. But since he has rejected the lefties’ urge to tax and spend, he’d better practice some righty program cutting.
Another uncertainty comes from the federal and state governments extending the tax-filing deadline from April to October for Californians because of winter storms. No one at the state Capitol can be sure of how much income and corporate taxes will be flowing in, but the administration is guessing around $42 billion.
Newsom thought he was being fiscally wise by relegating some spending to “one-time only.” But the LAO now says the state doesn’t even have enough money for that.Last year, the governor and Legislature agreed to temporary one-year spending that totals $28 billion. Newsom recently cut that back to $11 billion. The LAO recommends whittling it further to $4 billion.
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