Gov. Gavin Newsom announces tax rebate for residents, multi-billion dollar budget surplus
ALAMEDA COUNTY, Calif. (KION) Gov. Gavin Newsom was in Alameda County Monday to unveil his Economic Recovery Plan, and he says it will include a stimulus for many Californians.
He said the state is experiencing a more than $75 billion budget surplus after a projected shortfall, and the state is expecting an additional $26 billion from the federal government, so officials will be rolling out a $100+ billion comeback plan.
As part of the plan, there will be a $12 billion tax rebate for residents earning up to $75,000, and Newsom it could benefit about two-thirds of Californians.
Those who qualify would receive $600, and families with children would receive an extra $500.
Newsom also announced that the plan would double rental assistance with the goal of getting 100% of all back rent paid and provide 100% support over the next few months for renters directly impacted by the pandemic.
Under the plan, Newsom said $2 billion would go towards direct relief to pay off utility expenses, and half of that would specifically address water.
This announcement comes in the midst of a recall effort, and John Cox, one of the gubernatorial candidates, says Newsom missed an opportunity to make necessary reforms.
“Instead of making beastly, structural changes and slashing taxes permanently, pretty boy Gavin Newsom is making one-time payments to Californians to avoid being recalled - and only because the law requires him to,” Cox said. “But, Californians can't be bought. Now is when we should be making big changes that will shake-up Sacramento, lower taxes and make California permanently more affordable.”
