Newsom Unveils $75B Budget Surplus And Tax Rebates

San Francisco’s CBS News affiliate reports:

As the clock ticks down to California’s reopening from all COVID-19 restrictions on June 15 and with state coffers flush with a $75.7 billion budget surplus, Gov. Gavin Newsom unveiled a $100 billion recovery plan which will include individual tax rebates of up to $1,100.

Chief among the new proposals Newsom announced Monday was 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 state residents – individuals and households making between $30,000 and $75,000 annually – will benefit from $600 direct payments. Households with dependents making up to $75,000, including undocumented families, will also now be eligible for an additional $500.

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