Newsom Said He Wouldn’t Raise Taxes To Fix California’s Deficit. His Budget Proposal Includes $18 Billion in Tax Hikes for Businesses.

Susannah Luthi
May 20, 2024
California governor Gavin Newsom (D.) told reporters earlier this month he wouldn’t raise taxes to fix the state’s $73 billion budget hole, but buried in his latest budget proposal are $18 billion in temporary tax hikes for businesses.
 
Earlier this month, the governor repeatedly pledged he would not raise taxes to solve the budget crisis—which comes just two years after he boasted a nearly $100 billion surplus—telling reporters that "the answer is no," should Democratic lawmakers bring him tax hike proposals, and that "there’s only so many times I can say no to the tax question."

"I don’t see there’s real evidence and need right now to increase general taxes … in this state and put more burden on working folks and our competitive posture," he told one reporter who asked him if tax hikes were an "absolute nonstarter" for him.

Newsom unveiled his budget proposal on May 10, and the tax policy details the following week. The proposal would, for the next three years, bar businesses earning $1 million or more from deducting operating losses from their taxes while also limiting business tax credits. The provisions are projected to cost California businesses about $18 billion through 2027, although they wouldn’t take effect if tax collections beat expectations. Such a scenario appears unlikely, however, given that California’s tax revenues are massively down thanks to a stagnating economy and exodus of both high-earning residents and businesses.

 https://freebeacon.com/california/newsom-said-he-wouldnt-raise-taxes-to-fix-californias-deficit-his-budget-proposal-includes-18-billion-in-tax-hikes-for-businesses/

I hope the next bit of news we hear about him is his obit.

Congress Plans to "Fix" 2-Year Aircraft Carrier Funding Delay - Ensure China Deterrence

Any air campaign to counter a Chinese attack upon Taiwan would have little chance of success without US Navy aircraft carriers
KRIS OSBORN, WARRIOR MAVEN - CENTER FOR MILITARY MODERNIZATIONUPDATED:APR 3, 2024ORIGINAL:APR 3, 2024
By Kris Osborn, Warrior President, Center for Military Modernization

“Five acres of sovereign US territory,” were words used by Rep. Rob Wittman, R-Va. to describe the irreplaceable value of US Navy aircraft carriers, symbols of US power and force-projection capacity.

 Virginia Democrat Sen. Tim Kaine, D-Va., echoed this sentiment andclosely aligned with Wittman’s sensibility by referring to the seriousness of the threat environment and a commensurate need to ensure stable funding for aircraft carrier construction. Kaine said the current funding impasse, which as pushed back funding for the next Ford-class carrier by at least two years, is in part due to spending caps put in place. During an event on Capital Hill, Kaine pledged to assure the Aircraft Carrier Industrial Base Coalition that he and other members will endeavor to secure consistent carrier funding.

 "Challenges are growing by the day in every theater, and we need to send the right demand signal. I don't like that we are sliding backward. We are not going to meet our own needs or the needs of our allies unless we find a fix to this," Kaine told an audience on the Hill. 

Wittman described the need for carriers in the context of what he argued was an extremely dangerous modern threat environment. As part of this, Wittman cited a number of key variables, such as the pace at which China continues to build and add carriers. The Congressman, who is the ranking member on the House Armed Services Committee, cited Iran, China, Russia and other countries as extremely credible threats to take seriously.

https://warriormaven.com/sea/congress-plans-to-fix-2-year-us-navy-carrier-delay-to-preserve-deterrence