GOP Reaches Tentative SALT Deal at $40K Cap
"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On today's show, Representative Mike Lawler (R) NY shares his thoughts on tentatively reaching a deal on SALT with his Republican colleagues in the Senate. Elizabeth Wydra, President of the Constitutional Accountability Center, & Rep. Sam Liccardo discuss the US Supreme Court's rulings and the impact of these rulings. PWC National Tax Office Co-Leader Rohit Kumar talks about what to expect from the US Senate as the self-imposted Tax Bill deadline is July 4th. (Source: Bloomberg)
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Newsom wanted to reauthorize the program through 2045, with a guarantee that $1 billion would annually go to the state's long-delayed high-speed rail project. The budget doesn't make that commitment, as lawmakers wanted to hash out spending plans outside of the budget process. The rail project currently receives 25% of the cap-and-trade proceeds, which is roughly $1 billion annually depending on the year. Legislative leaders also approved funding to help transition part-time firefighters into full-time positions. Many state firefighters only work nine months each year, which lawmakers said harms the state's ability to prevent and fight wildfires. The deal includes $10 million to increase the daily wage for incarcerated firefighters, who earn $5.80 to $10.24 a day currently. The budget agreement will provide $80 million to help implement a tough-on-crime initiative voters overwhelmingly approved last year. The measure makes shoplifting a felony for repeat offenders, increases penalties for some drug charges and gives judges the authority to order people with multiple drug charges into treatment. Most of the fund, $50 million, will help counties build more behavioral health beds. Probation officers will get $15 million for pretrial services and courts will receive $20 million to support increased caseloads. Advocates of the measure — including sheriffs, district attorneys and probation officers — said that's not enough money. Some have estimated it would take around $400 million for the first year of the program. Newsom and lawmakers agreed to raise the state's film tax credit from $330 million to $750 million annually to boost Hollywood. The program, a priority for Newsom, will start this year and expire in 2030. The budget provides $10 million to help support immigration legal services, including deportation defense. But cities and counties won't see new funding to help them address homelessness next year, which local leaders said could lead to the loss of thousands of shelter beds. The budget also doesn't act on Newsom's proposal to streamline a project to create a massive underground tunnel to reroute a big part of the state's water supply. Nguyễn writes for the Associated Press.
