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California Economy and Taxes
 
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Jan. 2015 General Fund Revenue Collections February 18, 2015

We provide preliminary data concerning January 2015 California income and sales tax collections (the state General Fund's "Big Three" tax revenue sources).

Thumbnail for Unclaimed Property is 5th Largest General Fund Revenue Source

Unclaimed Property is 5th Largest General Fund Revenue Source February 10, 2015

We provide some perspectives on California's unclaimed property program as a General Fund revenue source.

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FTB December 2014 Revenue Exhibits Posted January 28, 2015

The Franchise Tax Board's twice-yearly revenue exhibits are highly technical, but include key information for those who track and forecast California's state income tax revenues.

Thumbnail for Administration Revenue Projection Higher than LAO Nov. Totals

Administration Revenue Projection Higher than LAO Nov. Totals January 9, 2015

On an "apples to apples" basis, a preliminary review of the Governor's January 2015 budget proposal shows that it assumes that the "Big Three" General Fund taxes for 2013-14 through 2015-16 will be $1.3 billion higher than the LAO projected in November 2014.

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Sales Taxes Close to June 2014 Budget Forecast January 8, 2015

December 2014 sales taxes were 4 percent above projections from last June's state budget act. This adds to the much larger gains due to last month's personal and corporate income tax surge.

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Taxes Available for Retiree Health Costs Under Prop. 2 December 17, 2014

Proposition 2 sets aside a portion of California's General Fund tax money for 15 years for certain debt payments, including, potentially, payments to reduce the state's large unfunded retiree health liability.

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14-15 State Revenues $1.6 Billion Over Budget Forecast as of 11/30 December 16, 2014

The Department of Finance's Finance Bulletin, today's version of which includes November 2014 revenue data, is the key report on state revenues each month.

Thumbnail for California Governments Rely on a Variety of Taxes

California Governments Rely on a Variety of Taxes December 16, 2014

The state government and local governments, respectively, rely on different tax revenue sources.

Thumbnail for Personal Income Tax Is State's Dominant General Fund Revenue

Personal Income Tax Is State's Dominant General Fund Revenue December 9, 2014

Over the past several decades, the personal income tax has replaced the sales tax as the main source of the state's General Fund revenue.

Thumbnail for Voting Requirements to Increase Taxes and Fees

Voting Requirements to Increase Taxes and Fees December 9, 2014

The California Constitution and laws require a variety of different voter or legislative approval thresholds to increase taxes, fees, assessment, or debt.

Thumbnail for 2014-15 Sales Taxes $188 Million Below Projections As of Nov. 30

2014-15 Sales Taxes $188 Million Below Projections As of Nov. 30 December 8, 2014

Last week, data showed that personal and corporate income taxes together were $1.6 billion above June 2014 budget projections through November 30. New preliminary data on November General Fund sales tax collections indicate this tax is running a couple of hundred million dollars below budget act projections for the 2014-15 fiscal year to date.

Thumbnail for Proposition 2 Attempts to Manage State Revenue Volatility

Proposition 2 Attempts to Manage State Revenue Volatility December 8, 2014

Proposition 2, passed by voters in November 2014, includes provisions intended to help manage state budget revenue volatility, principally by requiring certain state revenues to be deposited in budget reserves.

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Personal Income Tax Much More Volatile Than Economy December 8, 2014

The state government's largest revenue source, the personal income tax, is much more volatile than "personal income," one key economic statistic that measures the overall size of the economy.

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Income Taxes $1.6 Billion Over Budget Projections Through Nov. 30 December 5, 2014

Most months, we will provide updates on California state tax revenue collections. These updates will come in several waves as information becomes available. In this post, we discuss November 2014 personal and corporate income tax collections.

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"Top 1 Percent" Pays Half of State Income Taxes December 4, 2014

In 2012, for perhaps the first time in state history, the top 1% of the state's tax filers paid slightly over half of the state's personal income taxes.