Web Version [link removed] | Update Preferences [link removed] Press Release No Need For New Taxes With Massive State Surplus

FOR IMMEDIATE RELEASE

November 20, 2019

CONTACT: Brooke Armour

916.553.4093

SACRAMENTO— California Business Roundtable President Rob Lapsley issued the following statement today in response to the Legislative Analyst's fiscal outlook [[link removed]]:

“The nonpartisan LAO estimates an additional $7 billion budget surplus for the next fiscal year. And yet, even with an estimated total General Fund budget surplus of $38 billion over three years, special interest groups are still pushing more than $22 billion in new and higher taxes for the 2020 ballot.

“Despite being the 5th largest economy, working California families continue to struggle with a growing affordability crisis. Tax measures like the $12.5 billion split-roll initiative will only drive costs up even higher on everything from groceries to gas and increase rent on small businesses. Now is not the time to burden working families with even more taxes that will further drive up the cost of living, especially as the state sits on such a massive surplus.”

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