California to Face Budget Shortfall Amid Mass Exodus of Business Owners

The state of California is facing a budget deficit of $25 billion going into 2023, the state’s Legislative Analyst’s Office (LAO) reports.

According to the Daily Caller, the LAO’s Wednesday report claimed that the primary reason for the deficit will be the shortcomings in the state’s tax revenue, which will ultimately be about $41 billion less than originally projected. Corporate tax revenue in the state is expected to drop by about $6 billion from fiscal year 2021-2022 to 2023-2024, and personal income tax revenue has also declined, from $135.9 billion in the prior fiscal year to an estimated $122.6 billion in the coming fiscal year.

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Business Owner Says She’ll Go Under If Border Restrictions Aren’t Lifted

inside of grocery store; close up of products in the aisle

The only grocery store in Point Roberts, Washington, will be forced to close if travel restrictions between the U.S. and Canada aren’t lifted by July 15, the Associated Press reported Thursday.

Point Roberts Marketplace store owner Ali Hayton said the market relies on shoppers who haven’t been able to visit for more than 15 months and that government assistance did little to help the struggling shop, the AP reported. The store received two loans from federal pandemic relief programs, though the funds were used in a week.

“Now that I see that there is absolutely no end in sight, I can’t do it anymore,” Hayton said, according to the AP. “I cannot financially keep subsidizing all of this by myself.”

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