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California Economy and Taxes
 
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Thumbnail for 2021-22 “Big Three” Revenue Outlook Update: September 2021

2021-22 “Big Three” Revenue Outlook Update: September 2021 September 20, 2021

Based on the most recent revenue and economic data, we currently project that there is a strong chance that collections from the state’s “big three” taxes will exceed the budget act assumption of $170 billion in 2021-22. 

Thumbnail for A New Method For Current Year Revenue Forecasting

A New Method For Current Year Revenue Forecasting September 20, 2021

We discuss our new model which provides a monthly update of our forecast of current year collections from the state’s “big three” taxes. 

Thumbnail for Income Tax Withholding Tracker: August 1 - August 27

Income Tax Withholding Tracker: August 1 - August 27 September 7, 2021

California income tax withholding remained very strong in August, coming in nearly 20 percent above August 2020.

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How Long Do Firms Take from Founding to IPO? August 18, 2021

It's most common for a larger firm to go public 8 to 10 years from its founding date.

Thumbnail for Income Tax Withholding Tracker: July 1 - July 23

Income Tax Withholding Tracker: July 1 - July 23 July 23, 2021

Income tax withholding from July 1 to July 23 was 17.8 percent above the same dates in 2020.

Thumbnail for Income Tax Withholding Tracker: June 1-June 25

Income Tax Withholding Tracker: June 1-June 25 June 25, 2021

California income tax withholding continues to surge, as June collections to date are nearly 25 percent above last June.

Thumbnail for Examining California's Income Tax Withholding Growth by Sector

Examining California's Income Tax Withholding Growth by Sector June 9, 2021

The state's surprisingly strong growth in income tax withholding has been led by high-tech sectors, but many other sectors are showing big gains as well.

Thumbnail for Income Tax Withholding Tracker: May 1 - May 28

Income Tax Withholding Tracker: May 1 - May 28 May 28, 2021

California income tax withholding in May was 29.4 percent above last May, when serious pandemic restrictions were in effect.

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The 2021-22 Budget: May Revenue Outlook May 17, 2021

This post provides commentary on our May Outlook revenues.

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March 2021 State Tax Collections April 28, 2021

March collections from the state’s three largest taxes—the personal income tax, corporation tax, and sales tax—exceeded projections by $2.5 billion (30 percent).

Thumbnail for Income Tax Withholding Tracker: April 1 - April 26

Income Tax Withholding Tracker: April 1 - April 26 April 26, 2021

California income tax withholding collections to date in April are up 30.3 percent over April 2020, and collections to date in fiscal year 2020-21 are up 11.9 percent over 2019-20. 
 

Thumbnail for Income Tax Withholding Tracker: March 1 - March 29

Income Tax Withholding Tracker: March 1 - March 29 March 30, 2021

California income tax withholding collections to date in March are up 20.3 percent over last year, and collections to date in fiscal year 2020-21 are up 11.0 percent over 2019-20.

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February 2021 State Tax Collections March 22, 2021

February gross revenue collections from the state’s three largest taxes were ahead of budget projections by $1.6 billion (14 percent).

Thumbnail for Income Tax Withholding Tracker: February 1 - February 19

Income Tax Withholding Tracker: February 1 - February 19 February 19, 2021

California income tax collections this month to date are 7.8 percent above last February, and cumulative collections since late March are up 6.4 percent over the same period in 2019-20.

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January 2021 State Tax Collections February 12, 2021

Revenue collections through January have been well ahead of projections in the recently released 2021-22 Governor’s Budget. After accounting for changes in constitutionally-required spending, we estimate that these higher-than-expected collections represent a roughly $4 billion increase in discretionary state funding relative to the Governor’s Budget.