CA Gov. Gavin Newsom Announces Largest State Tax Rebate In U.S. History

“California’s going to come roaring back,” said Governor Gavin Newsom on Monday as he announced his $100 billion California Comeback Plan. He called it the biggest economic recovery package in state history – including unprecedented investments to address the region’s most persistent challenges, starting with nearly $12 billion in direct cash payments to Californians hit hardest by the pandemic. According to Newsom’s office, it is the largest tax rebate by any state in American history, year-over-year.

Chief among the new proposals is a major expansion of the Golden State Stimulus, providing additional direct payments to middle-class families that make up to $75,000. Under the plan, two-thirds of Californians will benefit from $600 direct payments. Qualified families with dependents, including undocumented families, will also now be eligible for an additional $500. The plan triples California’s previous investment, reaching more people and giving bigger benefits.

You can see the CA governor make his announcement here.

“California’s recovery is well underway, but we can’t be satisfied with simply going back to the way things were,” said Governor Newsom. “We are tripling the Golden State Stimulus to get money in the hands of more middle-class Californians who have been hit hard by this pandemic. Two in three Californians will receive a check from the state and more than $5 billion in aid will be made available to those who need help paying their rent or utility bills.”

Under Newsom’s California Comeback Plan, the state would also offer the largest renter assistance package of any state in America, with billions of dollars to help low-income Californians pay back 100 percent of their back-rent, their rent for the months to come and overdue water and utility bills. Those efforts are budgeted at a little over $7 billion.

The governor, who faces a recall election later this year, pointed out that last year the state was projected to have $53 billion budget shortfall which this year has become a $75.7 billion budget surplus. “It’s a remarkable turnaround,” he said. Newsom’s $100 billion California Comeback Plan will be funded by that surplus and, he said, an additional $26 billion coming form the the federal government.

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