"The outlook for California's budget is, of course, bleak. I say "of course" because most states are in serious trouble: Federal support makes up close to a third of most state budgets, sometimes more-and as the Trump Administration has set about destroying state funding to give tax cuts to billionaires, the situation has left governors and legislators looking for ways to cut programs."
"We are in the midst of what many are deeming the largest transfer of wealth in U.S. history from Black, brown and poor communities to the ultra-wealthy. The Institute on Taxation and Economic Policy (ITEP) estimates that Trump's 2025 federal tax cuts will result in the richest 1% receiving $117 billion in tax cuts in 2026 alone. The impacts of this transfer will be felt by children in under-resourced classrooms, families who will suffer avoidable deaths due to hospital closures or lack of healthcare, students who will be burdened with more debt to pursue education,"
California faces a bleak budget outlook because federal support accounts for roughly a third of many state budgets, and recent federal tax cuts have reduced funding available to states. Governors and legislators are being pushed toward program cuts under the banner of "tough budget choices" and austerity. State governments have options to raise new revenue through taxes on the very rich and large corporations that could largely replace lost federal dollars. The largest transfer of wealth in U.S. history is shifting resources from Black, brown and poor communities to the ultra-wealthy, threatening schools, healthcare, higher education affordability, and essential local services.
Read at 48 hills
Unable to calculate read time
Collection
[
|
...
]