Millions of Californians would get tax rebates under a proposal unveiled Monday by Democratic Gov. Gavin Newsom, as part of a broader pandemic recovery plan made possible by an eye-popping 75 billion dollar budget surplus. (May 10)
GAVIN NEWSOM: This time last year, we announced a $54.3 billion projected shortfall. Today, we are announcing a projected $75.7 billion budget surplus. It's a remarkable turnaround. We talk about California coming back. I made the point at the State of the State a number of months ago, California is not coming back, California is going to come roaring back. $75.7 billion operating budget surplus.
Today we're announcing $12 billion tax rebate to the people of the state of California, earning up to $75,000. Let me put that in perspective. That tax rebate will impact just shy of 80% of all tax filers will get a direct stimulus check, will get a direct relief payment because of this announcement. 2/3 of all Californians will benefit from this stimulus.
This is all on the basis of the recovery that California is already experiencing. It's on the basis of the revenue that's coming in in historic terms in the state of California. And that's because we are defeating and we are successfully applying strategies to address this pandemic.