California Governor Gavin Newsom (D) announced a revised budget plan to address the state’s $32 billion deficit.
Since January, the state’s deficit has grown by $10 billion, as reported by the AP. While the state’s budget is balanced this year, in the coming years the state is committed to spending more money than it will receive from taxpayers.
In the current tax system, the state receives 50 % of its taxpayer dollars from 1% of the population. When the economy and stock market are doing well, the state will receive more in taxes, but when the economy is on the brink of …
Read more…….
