2021-22 Fiscal Outlook Revenue Estimates [EconTax Blog]

Nov 18, 2020 - Below we provide further detail on our main forecasts for the state ’s “Big Three ” taxes —personal income, corporation, and sales taxes. Personal Income Tax PIT Revenue Should Exceed 2019-20 Levels For Next Few Years.
https://lao.ca.gov/LAOEconTax/Article/Detail/581

The 2021-22 Budget: California's Fiscal Outlook [Publication Details]

Nov 18, 2020 - In addition to The 2021-22 Budget: California’s Fiscal Outlook report and the accompanying The 2021-22 Budget: The Fiscal Outlook for Schools and Community Colleges report, several related posts on health and human services, economics and taxes, and other issues will be published in the coming days.
https://lao.ca.gov/Publications/Detail/4297

The 2021-22 Budget: California's Fiscal Outlook

Nov 18, 2020 - Recent Data on Tax Collections and Expenditures Consistent With Economic Picture. Recent data on actual tax collections and program caseloads have been consistent with a more positive economic picture, especially among high ‑income Californians.
https://lao.ca.gov/Publications/Report/4297

The 2021-22 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 18, 2020 - Tax collections for the state ’s three largest taxes —the personal income tax, the corporation tax, and the sales tax —have been very strong over the past several months. Between August and October, collections were up 9  p ercent compared with the same period the previous year and 22  p ercent compared with June 2020 e stimates ( Figure  2 ).
https://lao.ca.gov/Publications/Report/4298

The 2021-22 Budget: Medi-Cal Fiscal Outlook

Nov 18, 2020 - Assume Statutorily Scheduled Expiration of Managed Care Organization (MCO) Tax For a number of years, the state has imposed a tax on MCOs ’ Medi ‑Cal and commercial lines of business. The state ’s previous MCO tax expired at the end of 2018 ‑19 and, in 2019 ‑20, the Legislature reauthorized the MCO tax in similar but not identical form to the prior tax.
https://lao.ca.gov/Publications/Report/4299

U.S. Retail Sales Update: October 2020 [EconTax Blog]

Nov 17, 2020 - U.S. retail sales grew modestly in October. Total sales January-October 2020 were just 0.1% below January-October 2019.
https://lao.ca.gov/LAOEconTax/Article/Detail/580

Income Tax Withholding Tracker: November 9 - November 13 [EconTax Blog]

Nov 13, 2020 - Income Tax Withholding Tracker: November 9 - November 13 [EconTax Blog] Income Tax Withholding Tracker: November 9 - November 13 November 13, 2020 Brian Uhler Bottom Line:   California income tax withholding collections this week were 10 percent above the comparable week in 2019, boosting total withholding since late March to 3.6 percent above the same period last year.
https://lao.ca.gov/LAOEconTax/Article/Detail/579

October 2020 State Tax Collections [EconTax Blog]

Nov 13, 2020 - October 2020 State Tax Collections [EconTax Blog] Seth Kerstein October revenue collections from the state ’s three largest taxes —the personal income tax, corporation tax, and sales tax —were ahead of budget projections by $2.8 billion (40 percent).  
https://lao.ca.gov/LAOEconTax/Article/Detail/578

Card Spending Update: October 2020 [EconTax Blog]

Nov 12, 2020 - To do this, we use an index—a weighted average of different spending categories—designed to track movements in California’s sales tax base. In this post, we update the index to include October data and to incorporate data revisions for earlier months.
https://lao.ca.gov/LAOEconTax/Article/Detail/577

Income Tax Withholding Tracker: November 2 - November 6 [EconTax Blog]

Nov 6, 2020 - Income Tax Withholding Tracker: November 2 - November 6 [EconTax Blog] Income Tax Withholding Tracker: November 2 - November 6 November 6, 2020 Brian Uhler Bottom Line:   California income tax withholding collections this week were 6 percent above the comparable week in 2019, boosting total withholding since late March to 3.5 percent above the same period last year.
https://lao.ca.gov/LAOEconTax/Article/Detail/576