Newsom’s Budget Redo Will Tell Us What’s Getting Cut, Who’s Getting Taxed

With California facing a record budget deficit, many are looking to Gov. Gavin Newsom’s release of his revised upcoming budget scheduled for May 10 to offer clarity and solutions. Questions soon to be answered in what is known as the “May Revise” include what spending cuts will be on the table, whether the governor will seek to raise revenues by increasing taxes or calling for bonds, how lawmakers will respond to his updated proposal, and how severe the deficit truly is. Though uncertainty has persisted for months, the revision should offer more insight into the state’s finances and will potentially unveil some of the “tough choices” lawmakers from both sides of the aisle have repeatedly spoken about regarding balancing the state’s finances....