Web Version [link removed] | Update Preferences [link removed] Press Release California Business Roundtable Issues Statement on Governor Newsom's FY 21-22 Budget Proposal

FOR IMMEDIATE RELEASE

January 8, 2021

CONTACT: Brooke Armour

(916) 553-4093

SACRAMENTO— Rob Lapsley, president of the California Business Roundtable, issued the following statement today in response to Governor Newsom's FY 21-22 budget proposal:

“Today’s budget has seen a remarkable turn-around from a $54 billion deficit to a $15 billion surplus driven by the continued strength of Silicon Valley employment and increased state budget revenues. At the same time, the continued success of the high-tech sector must not be a distraction from the realities of what is going on in communities and neighborhoods, where small businesses are closing and 2.2 million people are out of work.

“The budget revenues reinforce the voters’ decision to defeat the $ 12 billion split roll property tax in 2020— and also reflects that there is no need for new and higher personal income, corporate, or wealth taxes. The governor was clear today that now is not the time to push new taxes. As the highest cost state in the nation, increased taxes will drive even more companies and small businesses out of the state or out of business, especially those struggling to stay open during the pandemic.

“Economic recovery and stable revenue growth are dependent on three things: how quickly life-saving vaccines can be distributed, small business economic assistance, and re-opening schools. We look forward to working with the governor on these budget proposals and other critical issues, including additional renter assistance to alleviate a short and long-term housing crisis for both renters and property owners.”

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