California News

Newsom Signs Budget That Raises Taxes On Businesses

KTLA-


California Gov. Gavin Newsom signed a budget on Monday that closes an estimated $54.3 billion deficit by temporarily raising taxes on businesses, delaying payments to public schools and cutting billions of dollars in spending on state services and worker salaries.

The $202.1 billion budget mostly spares public schools and health care programs from spending cuts by pulling heavily from the state’s primary savings account and putting off billions of dollars in expenses to future years. But it carries $11.1 billion in spending cuts, including $2.8 billion from state worker salaries, $1.7 billion from public colleges and universities and $248 million from housing programs.

“In the face of a global pandemic that has also caused a recession across the world and here in California, our state has passed a budget that is balanced, responsible and protects public safety and health, education, and services to Californians facing the greatest hardships,” Newsom said.

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