The state has reserves to weather a tough year but a recession could deepen the deficit.
of this year committed an additional $2.3 billion, expected to grow to nearly $5 billion by the 2026 budget year, the Legislative Analyst’s Office said.
Ting’s office contends the state has billions in unspent federal and state dollars in its coffers that could address a potential deficit. Using that money would avoid cuts to programs but delay other projects.Anti-poverty advocates said in interviews they plan to continue pushing for program expansions, arguing the precipice of a downturn is the time to bolster social spending, not cut it.
They estimate 1 million children live in families that would qualify, at an additional cost of $700 million a year. If the credits were an annual payment, she said, it would allow her to plan for expenses, maybe use it as “a little savings account” to draw on when the children grow out of their clothes or save it for a security deposit if the family needs to move.Advocates said they also want the state to create anand to include all low-income immigrants, regardless of immigration status, in its food assistance program.
age 55 and older; the benefits are expected to become available late next year. Newsom vetoed a bill that would have tested an unemployment benefits program for undocumented immigrants, citing costs.The projected shortfall is the state’s first major fiscal challenge since Newsom’s office predicted a $54 billion shortfall in May 2020, when the country was in the grips of the COVID-19 pandemic.
About 49% of the personal income tax paid in California in 2020 came from just 1% of tax filers, according to the state’s finance department. And in the past decade, taxes collected from the most volatile form of income — capital gains — have doubled, making up a larger share of the state’s revenue and tying the state’s budget to particularly unstable economic cycles.
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