Newsom Offers Narrower Tax Agenda With Less Revenue, Deficit (1)

California Gov. Gavin Newsom offered a short list of targeted tax changes in his budget proposal Tuesday, proceeding cautiously as he faces a $22.5 billion deficit.

The Democratic governor’s tax proposals, included in a $223.6 billion budget plan for the fiscal year that starts July 1, would mainly help him carry out existing policies rather than stake out new territory. Newsom’s narrower agenda comes after two years of record surpluses that allowed him to expand tax incentives and send more than $21.5 billion in direct cash payments to California taxpayers. ...