SACRAMENTO (KNX) — California’s $31 billion budget surplus could spell a major rebate for taxpayers, according to Gov. Gavin Newsom. The state’s annual fiscal outlook was released Wednesday, and indicated the major surplus for the 2022 budget year beginning on July 1.
If Newsom chooses to refund taxpayers, checks could come in the amount of $750 for each person who filed, according to the Associated Press.
Unfortunately, State Assembly Republican Leader Marie Waldron said the extra cash only shows that taxes and fees in California are too high.
"There's something wrong when the state government surplus hits $750 for every single person in this state while ordinary people have to decide between putting food on the table or gas in their car,” Waldron.
She added that many of the state’s wealthier workers kept their jobs during the pandemic, while the “average” Californian - working in retail, or the food and service industries - was hit by a full closure of their workplace.
Tax collections have continued to soar despite the pandemic. From April through June of this year, California businesses reported a record high of nearly $217 billion in taxable sales, the AP reported.
The state Legislative Analyst’s Office told the news organization it’s “impossible to know if the gains are sustainable,” since prices are currently going up due to inflation.
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