Lawmakers recently released a video informing about enough budget in California. As a result, they can offer every resident stimulus check of $1,100. KTLA reports that the Republican State Sen. Brian Jones uses rice grains to break down the projected budget surplus, estimated to be $45.7 billion in January. The public video shows various details regarding the issue.
Excess budget will come in handy
As California considers whether to send another round of stimulus checks to deal with a massive projected budget surplus, one state lawmaker made a case for more tax rebates on Wednesday. If we rely on the officials, one of the state senators informed the public that this amount is enough for a $1,125 tax rebate to every Californian or $4,500 for a family of four. KTLA quoted Jones; he said, “If each grain of rice is $100,000, California’s $45 billion surplus is due to taxes being collected by this much.”
Further stimulus checks are a possibility
More stimulus checks or Golden Stimulus Checks are possible because the surplus is likely to exceed California’s constitutional limit, as set by voter-approved Proposition 4, or the “Gann Limit.” It effectively limits the amount of tax revenue that the state can spend while giving lawmakers options for what to do with the remaining funds, including returning them to taxpayers in the form of a rebate. The resumption of stimulus checks will enormously benefit low-income families; millions of children and families have fallen below poverty.
The governor’s budget proposal for the 2022 fiscal year projects a surplus of around $2.6 billion over the constitutional limit. The state has only hit the Gann Limit twice since Prop 4’s passage back in 1979, including last year. Rep. Jones’ district includes much of inland San Diego County. According to the state Legislative Analyst, Governor Gavin Newsom’s budget surplus could be even more significant than expected. It’s unclear how much taxpayers could receive if the Golden State Stimulus program is revived for 2022. The State Legislative Analyst, Patek lawmakers, say that government shouldn’t wait until after June 15 to decide how to spend the extra funds. The state’s fiscal year begins July 1.