Excerpt:
In a video released online, Republican State Sen. Brian Jones used grains of rice to break down the projected budget surplus which, as of January, was estimated at $45.7 billion.
“If each grain of rice is $100,000, that means California’s $45 billion surplus is taxes over-collected by this much,” Jones explained as he shifted the large pile of rice around with his hand.
So what to do with all that money?
According to the state senator, the amount is enough to send every Californian a tax rebate of $1,125, or $4,500 for a family of four.
More stimulus checks are a possibility because the surplus is likely to exceed California’s constitutional limit as set by the voter-approved Proposition 4, or what’s more commonly known as the “Gann Limit“. That essentially restricts the amount of tax revenue the state can spend while giving lawmakers options on what to do with the leftover funds — including giving it back to taxpayers in the form of a rebate.
Author(s): Tracy Bloom, Ashley Zavala
Publication Date: 3 Feb 2022
Publication Site: KTLA