How California’s budget depends on staggering wealth gap

 

Gov. Gavin Newsom’s $227 billion California spending plan is setting records in more ways than one.

Were his budget proposal approved by lawmakers as is, the state would spend an unprecedented amount to fend off poverty, eviction and K-12 education loss for California’s most vulnerable residents in the 2021-22 fiscal year. And that would be funded, in part, by unparalleled tax revenues from the soaring income growth and stock market gains that the richest Californians enjoyed this year.

“Folks at the top are doing pretty damn well,” Newsom said Friday. “But I don’t begrudge that success, I admire and respect it.”

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