A new “wealth tax” is being pushed by Newsom’s allies. This would give the government the power to seize not just your income but also your assets. As a result, a fresh exodus from California is underway; $1 trillion has already fled the state, including the founders of Google.
This insane proposal would supposedly only apply to “billionaires.” Even that would collapse our state’s finances. But of course, they always start with the billionaires then go after everyone. On the House Floor, I announced legislation to expressly preempt this unconstitutional proposal.
The truth is, our finances are already collapsing. Newsom just announced a $348.9 billion budget. That's $147.5 billion larger than when he took office, a 73.2 percent increase. Spending has grown 2.5 faster than the rate of inflation. This isn't normal, even for blue states.
As I reported in a Floor Speech, the nonpartisan Legislative Analyst says Newsom’s budget is "alarming" and threatens our state’s “fiscal sustainability." Meanwhile, our infrastructure and schools are subpar and we lead the nation in unemployment, homelessness, and poverty.
One reason we spend so much and get so little: fraud. I’m working on a comprehensive audit to find the full extent of it. Newsom said, "bring it on,” to which I responded on Fox News, “we will.” We already uncovered $32 billion in EDD fraud and $24 billion in lost homeless funds.
Also this week: President Trump signed a bill I helped pass to bring back whole milk back in schools; I chaired a hearing on lowering the cost of childcare; I discussed the report on FireAid I requested from the Judiciary Committee; and I spoke in support of the demonstrators in Iran.
Finally, I posted a brief update about my plans for the upcoming election here. Thank you so much to everyone who has shared your thoughts!