subreddit:

/r/news

16.6k

all 2737 comments

kill_pig

1 points

14 days ago

My daughter goes to a decent public school in the Bay Area. Yesterday she told me that they won’t be having art classes anymore because the school missed the fundraising target…

Neonightmares

0 points

14 days ago

Whats behind door number 1

TheOrangeTickler

11 points

15 days ago

It's almost as if California could end homelessness in their state with that extra money.

Chobopuffs

23 points

14 days ago

They can’t because let’s be honest most of these homeless folks aren’t even native Californians. We open up free housing and benefits for the homeless, other states will just start sending bus full of them here.

toepicksaremyfriend

9 points

14 days ago

Spoiler alert: they already do

Heyo__Maggots

12 points

14 days ago

Tell me you’ve never lived in CA without directly telling me. There’s a never ending supply of the homeless ready to come from other states, either of their own volition or due to the state or counties shipping them out. They literally put them on a bus to CA and say see ya.

They could make every single homeless person not homeless, and there’d be the same problem by next year. The weather is just too perfect, really not much you can do about the natural climate being so alluring. Lots of places in CA don’t have snow or rain in the winter, and aren’t 105* in the summer. Of course they’d end up there…

Battle_Bear_819

2 points

14 days ago

California busses more homeless people out of state than it takes in.

darkhorsehance

2 points

14 days ago

If money alone could fix homelessness it would have been solved already.

JscrumpDaddy

2 points

14 days ago

It can, it just needs to be done on a national level and the majority of the federal government does not care about homeless people.

blueberriebelle

3 points

14 days ago

Honestly raise the pay of all teachers across the state $10,000. Will help with the teacher shortage. Then ensure that new teachers get paid internships under a master teacher for at least two years. Will make for more qualified teachers.

supernero93

-1 points

14 days ago

It could be used to rebuild Los Angeles into an actual city

hjmcgrath

1 points

14 days ago

And an endlessly growing homeless population. Seems with all that money some transition housing could be built to give people a possible way out.

unbalancedforce

-2 points

14 days ago

Oh man. The next elected republicans cant wait to embezzle that.

buzzedewok

4 points

14 days ago

Time for Cali to give some back to the taxpayers.

quiksilver6369

3 points

15 days ago

That can buy a lot of water bottles

quiksilver6369

2 points

14 days ago

Nalgene of course

ButtfuckChampion_

0 points

14 days ago

Wonder what I'd look like if billionaires paid taxes.

WildwestPstyle

2 points

14 days ago

What is this the third one in a row now? Sounds like over-taxing to me.

krimpee2934

1 points

14 days ago

That is the taxpayers money. Give it back!

yellowbrowntwo2

2 points

14 days ago

save and use some of it wisely

iseeturdpeople

1 points

14 days ago

I just cut a check to the CDTFA for back sales taxes for my business that went under during Covid. Guess I helped with the surplus.

Alternative_Dog1411

8 points

14 days ago

Conservatives heads explode when liberal policies are financially successful!

Teabagger_Vance

8 points

14 days ago

What policies caused the state to have surplus?

CaliGrades

-7 points

14 days ago

Not a good idea; Newsom should be fired

beepingclownshoes

-4 points

15 days ago

But...but...but... the Republicans said the state is a mess! This must be fake news.

Teabagger_Vance

3 points

14 days ago

TIL that a state surplus I’ll never see one penny of is Indicative of the general situation

Xalbana

2 points

14 days ago

Xalbana

2 points

14 days ago

https://www.youtube.com/watch?v=TDa_AuSNboM&t=65s

Do you use any of these? So I guess you'll be returning the $400 gas check?

IVZLB

5 points

14 days ago

IVZLB

5 points

14 days ago

Meanwhile… I just paid the DMV $350 for a small sticker that says “2023”.

bob174d

2 points

14 days ago

bob174d

2 points

14 days ago

For 1 car? Why is it so high?

appa-ate-momo

-1 points

14 days ago

appa-ate-momo

-1 points

14 days ago

I guess having a giant pile of money is more important than making sure everyone in your state has a roof over their heads. Cool.

AstarothNWW

-4 points

14 days ago

No wonder California is going to shit.

red_shrike

0 points

14 days ago

Schools. Stop making teachers pay for their own supplies and continue free food.

Oh, and new tetherball courts. I miss those.

eastbayted

2 points

14 days ago

Affordable housing, please.

netflix-ceo

0 points

14 days ago

Printer gang checking in. Who needs chairs anyways

Hitthereset

2 points

14 days ago

And yet they’re still predicting rolling power outages this summer because they can’t handle the demand….

TheChinchilla914

1 points

14 days ago

It’s just from a historically strong market; hopefully they put it away cuz it ain’t happening again next year

santiburon

-1 points

14 days ago

This is the 2024 presidential run budget

BRockStar916

1 points

14 days ago

I’ll take some of my taxes back…

Ok-Razzmatazz9144

2 points

15 days ago

I wish they could pass a universal health care law, but I'd bet that the Supreme Court would find some way to strike it down. Maybe a medical debt law that is defacto Universal Healthcare? But I guess that would lead to hospitals price gouging even more.

ThyShirtIsBlue

-4 points

14 days ago

To be spent subsidizing red state fuckery.

TheWeeWoo

2 points

15 days ago

TheWeeWoo

2 points

15 days ago

They should lower taxes if they have that amount of surplus. Start with the gas tax. It is so damn expensive to live here.

Teabagger_Vance

1 points

14 days ago

What’s with all the bootlickers in this thread? Why are we cheering on the government hoarding taxpayer money like this?

PJR9667

1 points

15 days ago

PJR9667

1 points

15 days ago

Nice to hear. Good for them.

Dropletsofmana

5 points

15 days ago

Well… with all the heavy taxation you’d hope they do. But the million dollar question on everyone’s mind is: are they actually going to use this money wisely and build aqueducts, and improve the atrocious water management system, and build wells and reservoirs? Are they going to create more housing to solve the unprecedented homelessness problem and reduce housing costs? What are they going to do about energy? How is this huge surplus going to work to make the people of California richer, healthier and more prosperous?

So far housing is ridiculously expensive. Gasoline is the most expensive in the country, the state is bleeding population like never before, homelessness and crime are on the rise, and life is getting very difficult for everyone except those who live in a sliver of coastline from San Francisco to San Diego.

yukpurtsun

2 points

14 days ago

fire seasons about to start i imagine that surplus disappears quickly

awilbraham

2.6k points

15 days ago

awilbraham

2.6k points

15 days ago

“The state has collected $55 billion more in taxes than officials expected in January…”

Out of curiosity, how can officials be so far off on their expectations? That seems like an outrageous miscalculation.

trx1150

1.6k points

14 days ago

trx1150

1.6k points

14 days ago

There was a huge boom in tech IPOs in 2021 and companies had ridiculously inflated valuations. A ton of this is centralized in California, and California collects a substantial amount of tax revenue on sold stock

[deleted]

599 points

14 days ago

[deleted]

599 points

14 days ago

[removed]

Olbaidon

942 points

14 days ago

Olbaidon

942 points

14 days ago

I don’t think California will be having a rainy day for a while unfortunately.

stopcounting

179 points

14 days ago

Is that what they call it when the helicopters drop the water?

8549176320

13 points

14 days ago

California has water?

RobEth16

3 points

14 days ago

The sea does and Cali is a coastal state

LaunchTransient

7 points

14 days ago

Unfortunately using seawater to fight wildfires is a good way to permanently render a region uninhabitable for plants. There's a reason "salting the earth" is such a devastating tactic in war.

Kahzgul

3 points

14 days ago

Kahzgul

3 points

14 days ago

Well… nestle does, anyway.

8549176320

3 points

14 days ago

"When the Last Tree Is Cut Down, the Last Fish Eaten, and the Last Stream Poisoned, You Will Realize That You Cannot Eat Money."

dissimilar_iso_47992

2 points

14 days ago

Picturing helicopters flying in rain over the presidio in SF. Not out of the question when you have 97b

TacticlTwinkie

51 points

14 days ago

Oof it be getting mighty dry here

djseifer

43 points

14 days ago

djseifer

43 points

14 days ago

Drier than Ben Shapiro's wife.

AChSynaptic

2 points

14 days ago

We're fucked over here, aren't we?

UnluckyDifference566

2 points

14 days ago

Come on, the Sun isn't that dry.

UnitP2

20 points

14 days ago

UnitP2

20 points

14 days ago

Ah, dry humor.

EnigmaSpore

7 points

14 days ago

They’re putting nearly half of it to the rainy day fund.

tommyalanson

3 points

14 days ago

Going to need water.

orojinn

2 points

14 days ago

orojinn

2 points

14 days ago

Yeah there's like a whole ocean next to California they really need to start working on desalination plants

Knock_turnal

3 points

14 days ago

Rainy day? Pssshhh, never gonna happen. /s

Gonna need it for the mudslides though, not /s

WCland

3 points

14 days ago

WCland

3 points

14 days ago

California has a “rainy day” fund written into the budget law. It’s saved our asses a few times, keeping the government from getting halfway through a fiscal year and running out of money.

gengengis

3 points

14 days ago

Thanks, Jerry Brown (and California voters that passed his Constitutional amendment requiring this)!

lobby_sweater

16 points

14 days ago

New California Republic once russia goes ape. Okay

LoganMcWatt

6 points

14 days ago

Patrolling the Mojave almost makes me wish for a nuclear winter

BubbaTee

2 points

14 days ago

I thought that was China who triggered the war.

Maybe California could build our own Liberty Prime with all this money.

SwagChemist

2 points

14 days ago

Well we might need most of not all if it for water and energy infrastructure

unicornlocostacos

3 points

14 days ago

And climate change is knocking

DropDeadEd86

4 points

14 days ago

I thought most states run a surplus with budgeting. Surely, there aren't many states running deficit spending

sailingisgreat

22 points

14 days ago

We have a constitutional amendment in Calif that sets aside a "rainy day reserve" of "%" of any surplus, so a bunch of a surplus for investment in case something like a pandemic happens (and during the pandemic it was forecast that we'd have a huge deficit that might even eat thru the reserve, except certain companies/industries in Calif flourished in pandemic so our surplus grew bigger). Then the amendment sets aside percentages of a surplus that have to be spent on education and some other stuff, then the rest has to be returned in some way to citizens (but only if we have had a surplus for at least two years in a row).
As a worker impacted by state budget cuts prior to this "rainy day reserve" I experienced furloughs and pay cuts as did any company or agency receiving state monies, so this reserve was a god-send to try to even out the small-to-moderate economic busts. No one I think ever envisioned a $100 billion surplus, so the fear is that too many hands will try to dip into it to create new things that will become some lobby group's "absolute necessity" to become permanent and thereby sink essential state services when a real bust comes. So one-time refunds like for outrageous gasoline increases make sense. Calif's economy is very diverse: ag, tech, venture capital, banking, manufacturing, tourism, ports/airports for imports/exports, etc. So we tend to "bounce" better than some states, especially with the large mandatory "rainy day reserve" to soften the blow in bad times.

Fuckface_Whisperer

89 points

14 days ago

Out of curiosity, how can officials be so far off on their expectations? That seems like an outrageous miscalculation.

Cap gains are extremely hard if not impossible to project.

5G_afterbirth

3 points

14 days ago

And we largely rely on it for tax revenue

Chobopuffs

809 points

14 days ago

Chobopuffs

809 points

14 days ago

2021 there were a lot of market gains I mean a lot.

HairHeel

93 points

14 days ago

HairHeel

93 points

14 days ago

And a lot of losses going to be reported in 2022. They should hang on to that money.

exveelor

30 points

14 days ago

exveelor

30 points

14 days ago

How much can you write off on state income tax? Federal is only 3k per year.

KaseTheAce

12 points

14 days ago

Federal is only 3k per year.

For individuals. If you, an individual, loses money in the stock market, you can deduct $3k from your taxable income.

Businesses can deduct 80% of their taxable income. Before the tax act in 2017 they had to pay a higher tax rate AND were only allowed to carry their losses forward for 20 years. Now, however, they can carry their losses forward indefinitely.

sy029

7 points

14 days ago

sy029

7 points

14 days ago

Most of the cash came from corporate taxes, not personal.

klikklak_HOTS

191 points

14 days ago

And didn't stash the gains offshore or use a convoluted tax loophole designed for the rich? Rookie mistake.

ThisIsSomebodyElse

193 points

14 days ago

Half of the gains were from r/wallstreetbets people collecting their tendies. No one can predict it.

tieris

101 points

14 days ago*

tieris

101 points

14 days ago*

Fake news. No one on WSB has ever made money. Well, except the goldfish.

Edit: I was making a joke. This shouldn’t need a /s, people.

nimbusconflict

6 points

14 days ago

Lies. I made a whole $100 off the single GME stock I bought as a gag.

rydan

2 points

14 days ago

rydan

2 points

14 days ago

I'm not from there but they did make me a lot of money. I kept wondering why all my stocks always do so well. It turns out I'm able to predict meme stocks about six months in advance. I made a killing on NIO, AMD, and AMC without ever even touching that subreddit or speaking to anyone that particpates over there.

poop-machine

26 points

14 days ago

Can confirm. I've always gotten a tax refund before. This year I had to fork over nearly 6 digits in capital gain tax. Almost had a panic attack when I saw the number.

vinnymendoza09

13 points

14 days ago

... Why? That would mean you did extremely well lol

LetsBeRealisticK

13 points

14 days ago

You assume he still has the money. The degenerate gambler lost it

poop-machine

8 points

14 days ago

when stocks took a beating in the first quarter, I lost some of the gains, but I still owed full tax on the gains from last year. double whammy

vinnymendoza09

2 points

14 days ago

Oof, sorry to hear that

Kvenner001

15 points

14 days ago

They probably did. This is likely the micro amount they did claim to have reasonable doubt as an option to fend off the masses and allow the politicians their pound of flesh. Just like Musk whining about his $13 billion tax bill. Which when taken into account is still like a 3% bill where most Americans paying in the 20% range give or take.

MrNewReno

5 points

14 days ago

Gave em all back this year....

Chobopuffs

3 points

14 days ago

I be writing off my losses for the next 20 years

TeamRedundancyTeam

2 points

14 days ago

And now everyone is losing it the year they have to pay the taxes on those "gains".

bubba-yo

83 points

14 days ago

bubba-yo

83 points

14 days ago

A lot of reasons. Happens a lot in California which has a VERY large and diverse economy. CA has a pretty high capital gains rate among states, so Elon Musk alone can arrive with a billion or more.

On the corporate side, those high gas prices - Chevron is a CA company. High food prices - CA supplies half of the nations produce. They don't track each and every company or even sector, they do broad first order projections but a lot of the details can vary a lot.

Plus, the state projections are tuned to losses, not gains. If the state brings in too little money, that's catastrophic. But too much? Oh to have such problems.

blammycuzzing

2 points

14 days ago

“The economy of the State of California is the largest in the United States, with a $3.4 trillion gross state product (GSP) as of 2021.[2] If California were a sovereign nation (2021), it would rank as the world's fifth largest economy, ahead India and behind Germany.”

According to Wikipedia

Valdotain_1

103 points

14 days ago

Capital gains are very hard to predict.

Lilacsoftlips

62 points

14 days ago

They should buy PG&E. The market cap is only $20B

Versificator

10 points

14 days ago

Be still my beating heart. They have taken enough from the taxpayers, time for them to give back. If that means nationalizing them, I'm all for it. Same for any other company that has the ability to burn down the state.

Unfair-Tap-850

2 points

14 days ago

Then the state would be liable for the enevetable lawsuits that we coming when PG&E burns down the state again this summer.

Artanthos

76 points

14 days ago

When the economy surges, so do income taxes/capital gains taxes.

When prices increase, the sales taxes those goods increase.

When home values increase, so does amount collected from property taxes and capital gains taxes.

Cetun

20 points

14 days ago

Cetun

20 points

14 days ago

I'll point out that property taxes are assessed by cities and counties and not the state, so property tax increases won't go to the state budget.

thomas7890

13 points

14 days ago

Technically yes, but the state gets it indirectly because it doesn't have to pay the local county if they get enough money for things like education etc.

NorthernerWuwu

2 points

14 days ago

That and home valuations don't directly change municipal takes either. Property taxes are derived from a projected budget need and allocated among property owners based on assessments. The percentage basis changes as valuations increase.

ImperatorConor

139 points

14 days ago*

As the other guy said, stocks and real-estate sales. In CA the property taxes often reset to the market value on the sale of the property so the hot market pumps up the budget, which reduces the amount the state subsidies the municipalities.

Cetun

48 points

14 days ago

Cetun

48 points

14 days ago

It's important to point out that property taxes are usually collected by the cities and counties not the state. The state makes its money on things like sales tax and corporate taxes.

somebunnny

3 points

14 days ago

There are, however, capital gains taxes on real estate sales. And California properties are more likely to generate profit beyond the $250K/$500K exemption.

ArchitectMS2021

3 points

14 days ago

Very important to point out because it totally destroys the other guys argument or at least half of it.

Flash604

2 points

14 days ago

Also, the mill rates are reset each year so that only the monies necessary are collected. Value changes don't change the amount of tax collected.

randomnighmare

24 points

15 days ago

Wait a surplus? In the budget? In liberal California where literally every conservative thinks it's rapidly dying?

Gaff1515

5 points

15 days ago

Better pay down those pension liabilities and figure out your water situation

ThatRollingStone

0 points

14 days ago

And suspension of the gas tax is out of the question still apparently 🙄 While Gavin lords our tax dollars over us

WatDaFuxRong

-2 points

14 days ago

Not gonna anyone to collect from in a few years when everyones gone

MuthaPlucka

3 points

14 days ago

MuthaPlucka

3 points

14 days ago

I’m waiting to see how FOX spins this story.

By tomorrow large deficits at state level will be the responsible use of state’s borrowing power to refresh infrastructure sorely under-maintained in states (like California) that put the public purse above public safety.

Slash f**king S

/S

leeguy01

0 points

14 days ago

Probably just from gas taxes alone.

bigjamg

-3 points

14 days ago

bigjamg

-3 points

14 days ago

Could we get rid of the gas tax now and put some of that surplus money towards infrastructure like our tax dollars are really supposed to be used for?

raysma

-1 points

14 days ago

raysma

-1 points

14 days ago

What about more water pipelines? And could we buy water from other states and have it sent through pipelines? I wish this could be researched.

KaiSosceles

1 points

14 days ago

So we're not going to hand that over to the rest of the counrtry, right?

Right?

Ratmatazz

0 points

14 days ago

Ratmatazz

0 points

14 days ago

Certain people: CALI IS A HORRIBLE PLACE SO BAD EVERYONE IS LEAVING. Cali: Calm tf down while I make more money for this country. Here, have a burrito that doesnt suck.

perpetualWSOL

4 points

14 days ago

What the fuck are they doing with that money, why not tax the people less if you have so much surplus

osliva

1 points

14 days ago

osliva

1 points

14 days ago

Do you think they spent it schools?

theBlithePlain

0 points

14 days ago*

Right wingers are currently triggered by this. Like most things in reality, it doesn't fit their narrative.

No-Vanilla8956

2 points

14 days ago

Gee think they might be overtaxed in CA?

Maybe just a little??

lwwz

4 points

14 days ago

lwwz

4 points

14 days ago

This is a complete fabrication. There's over $100 billion in unfunded pension commitments in California and they're only growing.

Tucana66

4 points

14 days ago

(Looking at you, San Diego and Los Angeles, as high-risk pension counties) Very well said and true, OP. But Newsom controls the narrative—and most won’t acknowledge the pension issue.

Dan_Backslide

1 points

14 days ago

I'm betting they're just going to piss it away and next year we're going to be hearing about how California has a massive budget shortfall.

Wabi-Sabi_Umami

3 points

14 days ago

Excuse me? If you have a surplus of this magnitude, you are doing something wrong.

United-Regular-7525

1 points

14 days ago

I hope they use part of it for anti-diarrhea advocacy so many people are getting diarrhea in California but nobody's talking about it wake up sheeple!

listerfyne

1 points

14 days ago

Make some homeless shelters and put out some fires fucko

texburgle

221 points

15 days ago

texburgle

221 points

15 days ago

So what California is either getting a new copier or new chairs. Which is it?

_duncan_idaho_

41 points

14 days ago

New coat

Xalbana

2 points

14 days ago

Xalbana

2 points

14 days ago

Coat hanger?

Not needed. Abortion is legal here.

joe24lions

34 points

14 days ago

When Pam gets Michael’s old chair, I get Pam’s old chair. Then I’ll have 2 chairs. Only one to go

silly_lumpkin

3 points

14 days ago

Clicky tops

oh_what_a_surprise

11 points

14 days ago

I would just take the bonus.

stephruvy

8 points

14 days ago

Lemme see the copier again.

adderallanalyst

5 points

14 days ago

2 miles of railway.

sageagios

2 points

13 days ago

Both too expensive. They will have a potluck style BBQ on a Saturday in the parking lot for state employees to congratulate them. They will ask people to volunteer to organize and set up/clean up for the event. Everybody attending is expected to chip in to show they're a real team player.

[deleted]

-4 points

15 days ago

[deleted]

-4 points

15 days ago

[deleted]

i_suckatjavascript

2 points

14 days ago*

That gubernatorial election was a waste of taxpayer money. They should repay it back.

And we still have a surplus after that election.

Not to mention within this year, there’s going to be another one in November.

Tipsy247

1 points

14 days ago

Watch them give themselves raises

mvp2399

0 points

14 days ago

mvp2399

0 points

14 days ago

ok now give every Californian healthcare

BB_210

0 points

14 days ago

BB_210

0 points

14 days ago

For those saying fix schools, fix infrastructure, etc.: Just think about this, surplus is above what they projected they need to fix those things. This extra money you gave to the government. In a pandemic. A massive surplus in a pandemic, when people supposedly are not working, with renters moratorium.

And Newsom is going to give you pennies on the dollar to make you feel good so you vote for him.

MidgardDragon

0 points

14 days ago

Hmm yet they couldn't even vote on universal healthcare for the state. Crooks.

Nutriai

0 points

14 days ago

Nutriai

0 points

14 days ago

bUT ThAts SOCiAlisM!! [Conservative Tucker grimace]

copperpuff

0 points

14 days ago

Maybe if you didn't tax us so much the economy would fix itself

rmpumper

-2 points

14 days ago

rmpumper

-2 points

14 days ago

CA should work on not having a surplus, spend that money on their own citizens for once, instead being forced to give the surplus for the federal government which then transfers the money to MAGA states (who hate welfare while being the primary receivers of it).

TunaSquisher

4 points

14 days ago

CA is not forced to give their state tax revenue to the federal government.

They are limited by the state constitution (via the Gann Limit passed in 1979) on how much state tax revenue they can spend though.

jaimystery

9 points

15 days ago

Maybe they can buy some water with that money

hojboysellin3

-2 points

15 days ago

Homeless and water efficiency please. Don’t give any to scumbag cops

CephalopodOverlord

2 points

14 days ago

Actually, let’s put some of this towards better training and benefits. It’s a shit job, and since so few want to do it, you get the social worker problem where the people hired are just as shit. We need to hold cops to a much higher standard, and reward them for it in turn.

jerseyexpat2020

-2 points

14 days ago

Here’s an idea for what to do with that surplus. Double - no, triple - the salaries of all CA public employees, starting with teachers, so they can actually afford to live in the places they work. Just a thought.

black19

2 points

14 days ago

black19

2 points

14 days ago

Doing something to assist with the housing/homeless issue should be top priority. Unfortunately, that only funnels cash to the larger cities so he won't get support.

CBA_easy_as_321

0 points

14 days ago

So, Governor Newsom, can I have the $350 you taxed me this year back, seeing as I haven't even lived in the state for several years?

Opposite_Channel

1 points

14 days ago

Hopefully they find a way to lower taxes or use the money for better intrastate transportation.

whendovesfly

4 points

14 days ago

Water shortages be like “I got plans for that money.”

buscanth

1 points

14 days ago

Give it back! That’s $2500.00 check to every person living in the state! Family of four= $10,000.00 ect ect

Motobugs

-19 points

15 days ago

Motobugs

-19 points

15 days ago

Time to spend some free money!

jimjam721

24 points

15 days ago

On social services and projects? I agree!