California shows how to be fiscally responsible refunding citizens money from the record setting $97B surplus. Millions of Californians may get new stimulus checks worth up to $1,050—here's who qualifies Californians will be receiving checks worth up to $1,050 per person this fall, as part of an "inflation relief" package. More than half of California's residents may soon receive a stimulus check from the state, Gov. Gavin Newsom's office announced earlier this week. As part of an inflation relief package worth $17 billion, an estimated 23 million eligible Californians will receive payments, totaling up to $1,050 for joint filers with at least one dependent, later this fall. The relief package will be paid for by a record-setting $97 billion state budget surplus.
As high as their taxes are they should receive inflation relief. Good for them. I think it would be better spent on desal, unfunded pension liabilities, or infrastructure.
I get the idea, but I like that (some of the) money they gave comes right back to them. Vote accordingly.
Good for California. That said…I think they need to be careful as a big reason for this is the likely recognizing of stick options during the crazy stock market run. Along with all the IPO and SPAC creations.
Hopefully it makes up for the rolling blackouts, $8 a gallon gas, raging wildfires and rising crime rates!
As you can see California is being careful. This is what a democratic majority gets you. Let's make a deal: What to know about the California budget But at Newsom’s insistence, new spending commitments were slashed by several billion dollars and some appropriations will only be triggered in future years if revenue estimates hold up. As the state eyes another potential economic downturn, reserves will grow to nearly $38 billion, including more than $23 billion in the general rainy-day fund. With tax revenues surging, driven by massive income gains among the wealthiest Californians, state leaders maneuvered to avoid the Gann Limit, an obscure provision that prohibits spending above a certain level per capita. Increased infrastructure and emergency expenditures, which are exempt in certain circumstances, as well as the tax refunds, will keep the state below the limit for the next few years. The Legislature is now considering placing a measure before voters on the 2024 ballot that would loosen the Gann Limit restrictions.
How will this affect that those broke ass, poorly run, red "taker" states that rely on Californians to take care of them all the kids they shouldn't have had?
Like the previous year and with all the money pumped into these big companies…executives have been taking the opportunity to cash in at record highs. California Is Awash in Cash, Thanks to a Booming Market (Published 2021)
Yes, they have a lot more money than they need right now because of the booming market. My question was more about why they needed to be careful because of that?
Not to lose sight of the fact there were higher than expected revenues and not to get the idea the money will always continue to come in like that. California has a lot of Debt!!!
You would have rather they balanced the yearly budget by paying off debt at a faster rate rather than returning the excess funds to the people?
How about this novel idea??? Reduce taxes on everyone and entity in the state? If they have a $96 billion surplus, then maybe they are taxing a little high??? How about refunding those who earned the money and were overtaxed?
Maybe? I am just saying that this is good news but be careful before the implied gloating of the OP. That is for California to decide. Glad I don’t live there. And just because they ran a surplus does not change that one bit. Their pensions were probably fine in January. Today not looking so good.
A $200 refund for spending more than $6 a gallon is asinine and ridiculous. Gov Nuisance is placating the California citizens for excessively high prices.
