California is considering giving billions to Black residents in reparations, raising questions about how a state already facing a massive budget deficit could afford it.
, when the state enjoyed a surplus of about $100 billion due to federal COVID relief and surging capital gains.
"The creation of a new agency would be initiated through the governor's executive branch and reorganization process, but other options exist," said Alamo, according to California Black Media."Regardless of the path, to initiate a new agency or enact any other recommendation that makes changes to state law, fundamentally both houses from the state legislature would have to approve the action and the governor will have to sign it.
Capital gains are also being affected, with Silicon Valley tech companies facing volatile equity prices as they lay off employees and cut bonuses amid fears of a possible recession. Another potential issue hurting tax revenue could be theto other states, particularly wealthy Californians who pay higher taxes.
The task force and Newsom did not respond. The LAO said it cannot comment"as a formal and detailed proposal has not been presented to the legislature for us to analyze." Alamo echoed that point, saying he cannot address broader questions about how a reparations program could work since the LAO's work on behalf of the task force was"specific to how recommendations might proceed through the legislature to become law.
The task force was created amid the unrest following the 2020 murder of George Floyd in Minneapolis. None of the panel's nine members are White.SAN FRANCISCO REPARATIONS PANEL ON HOW IT DECIDED ON $5M PER BLACK PERSON: ‘THERE WASN’T A MATH FORMULA'
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