Gov. Gavin Newsom on Monday proposed a 2022-23 state budget that would cut taxes in an era when state coffers are full, but also expand health coverage.
The Associated Press is reporting that Newsom wants to reduce taxes by an estimated $6.5 billion, taking a small bite out of the state surplus of $45.7 billion.
Newsom announced his plan to pay for health coverage for undocumented adults with low incomes. That would cost about $2.2 billion. If approved an estimated 700,000 more people would have medical coverage.
The proposed tax cuts would be felt most directly by motorists, who now pay 51.1 cents per gallon in “gas tax,” highest in the nation. That is scheduled to increase yearly in response to inflation. Newsom wants to stop that, at least for the time being. The cost to the state treasury is about $523 million.
Sports: Georgia and ‘Bama battle it out
Monday also brought a closed-door meeting on the possible expansion of the playoff. College presidents and athletic directors met to try to agree on a format fr CFP agreement that runs to 2025. According to reports, the members of the committee are split among those seeking to stick with the four-team format, to others wanting six, eight or 12 teams participating.
Weather: All the way to 80
A continued warming trend is forecast to bring a daytime high of 80 (47 overnight) to the West Orange County area on Tuesday, with sunny skies. It won’t last long, though, as the thermometer should drop to 74 (53) on Wednesday with partly cloudy conditions. On Thursday, the forecast is for 70 (52) with clouds.
Finance: Worries drive stocks down
Concern about a possible increase in interest rates helped get Wall Street off to a rough Monday in which all three major indexes closed with losses. The S&P 500 posted its fifth consecutive day of decline, losing 3.50 points to 4,658.75. The Dow was down 35 points to finish at 35,917 and the Nasdaq retreated 15.75 points to 15,592.25.
Categories: The Wider World