January 10, 2018 Comments Off on California Budget Expects Boost from Marijuana Taxes, Surplus Views: 2590 California News, Top California

California Budget Expects Boost from Marijuana Taxes, Surplus

The final California budget proposed by Governor Jerry Brown this week is expected to outline spending that will top last year’s $125 billion and be bolstered by new tax revenue from marijuana sales, which became legal for recreational use Jan. 1 and is projected to eventually reach $1 billion. The state’s estimated budget surplus of $7.5 billion is a huge turnaround from the $27 billion hole that was projected when Brown took office in January 2011.

California’s 2018-2019 budget proposal, with funding of climate change programs, health care services, education, and infrastructure, is expected to stand in stark contrast to the conservative policies of Republican President Donald Trump.

Lawmakers are seeking to retain $3.2 billion of the surplus in reserve, with the legislature’s majority Democrats pushing for universal pre-school for all children, and expansion of the state’s earned income tax credit for the poor. The spending plan will likely change between now and when the state’s revenues are recalculated in July.

Read more at Reuters

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