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Source:
Los Angeles Times
Newsom and California agree on $351.7B budget
Gov. Gavin Newsom and legislative leaders finalized a $351.7-billion state budget, leveraging a tax windfall on capital gains to prevent major cuts and fund programs in education, healthcare, childcare, and affordable housing. The plan increases revenue through taxes on corporations, software, and managed-care organizations, while establishing a new reserve and seeking voter approval to expand California’s rainy day fund. Despite projecting a surplus, economists warn that the reliance on reserves and economic volatility may only provide a temporary fix.
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