Newsom and California lawmakers reach $351.7-billion budget deal with tax hikes to address deficit
By
Taryn Luna
Summary
California Gov. Gavin Newsom and legislative leaders have reached a $351.7-billion budget deal for his final year in office. The spending plan uses a tax windfall from AI-related stock market gains to avoid major cuts and reduce the state's chronic deficit. It includes nearly $2 billion in new state revenue through corporate tax hikes, software sales levies, and a revamped tax on managed healthcare organizations, while maintaining investments in public schools, healthcare, and subsidized childcare.
Source
bskyNewsom and California lawmakers reach $351.7-billion budget deal with tax hikes to address deficitlatimes.comKey quotes
· 3 pulledThe deal provides nearly $2 billion in state revenue next year through tax hikes on corporations, new levies on software sales and a revamped tax on managed healthcare organizations.
Lawmakers and the governor continue major investments in public schools, healthcare and agreed to increase spending on subsidized childcare and affordable housing.
The agreement ends weeks of lobbying by outside interests and negotiations among Democrats in the California Legislature and Gov. Gavin Newsom about how to handle a surge of income tax collected on stock market gains related to artificial intelligence.
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