That's why he was ok with giving one-off $1000 checks based on income (which is probably mostly redistributed cap gains revenue), while also veto'ing relatively cheap improvements to the education system due to their cost. I'd imagine that a $1000 check also goes over better with voters than kindergarten for everyone or improved mental health resources in schools.
In general lower income people spend a higher proportion of their money than people who are ineligible for the $1000 checks, so I can see how it might possibly still drive inflation.
Actually, I don't think the effect will be big enough to notice, except that I bet there'll be loud and targeted offers for poor people with a lack of judgement: "$1,000 plus a trade-in will get you a new car!" "Click here to invest your $1,000 windfall in BitCoin!"
69.5% of filers by count in the bottom groups, generate 10.5% of tax revenue, max refund, 79% of total refund. 4.5% of filers in the top groups, generate 55.2% of tax revenue, zero refund. Middle two groups are 12.3% and 14.2% of payers, generate 8.8% and 25.5% of revenue, receive 10.6% and 10.3% of total refund.
These categories don't match exactly, but close enough.
Sources: https://www.ftb.ca.gov/about-ftb/newsroom/middle-class-tax-r... https://data.ftb.ca.gov/California-Personal-Income-Tax/PIT-A...