IRS Data Show Pandemic Uptick in Outmigration Continues [EconTax Blog]

Jul 31, 2024 - Over the last few years, outmigration has been a drag on PIT revenue growth of about 1 percent per year. This is nontrivial when compared to the long-term average growth rate of PIT revenue —7 percent per year.
https://lao.ca.gov/LAOEconTax/article/Detail/809

IRS Data Show Pandemic Uptick in Outmigration Continues [EconTax Blog]

Jul 31, 2024 - Over the last few years, outmigration has been a drag on PIT revenue growth of about 1 percent per year. This is nontrivial when compared to the long-term average growth rate of PIT revenue —7 percent per year.
https://lao.ca.gov/LAOEconTax/Article/Detail/809

The 2025-26 Budget: Partial Income Tax Exclusion for Military Retirement Income [EconTax Blog]

Feb 13, 2025 - The personal income tax (PIT) is a broad-based tax that the state levies on most types of income, such as wages, capital gains, and some retirement income. The state ’s income tax ranges from 1  percent to 12.3  percent.
https://lao.ca.gov/LAOEconTax/article/Detail/820

The 2025-26 Budget: Partial Income Tax Exclusion for Military Retirement Income [EconTax Blog]

Feb 13, 2025 - The personal income tax (PIT) is a broad-based tax that the state levies on most types of income, such as wages, capital gains, and some retirement income. The state ’s income tax ranges from 1  percent to 12.3  percent.
https://lao.ca.gov/LAOEconTax/Article/Detail/820

Recent Revenues Coming in Below Governor's Budget Projections [EconTax Blog]

Jan 22, 2024 - The 2024-25 Governor 's budget projects that PIT revenue will grow 12 percent this year, from $101.7 billion in 2022-23 to $113.8 billion in 2023-24. Over the first half of the year, availabe revenue data suggest PIT revenues are growing much slower than 12 percent.
https://lao.ca.gov/LAOEconTax/article/Detail/795

Recent Revenues Coming in Below Governor's Budget Projections [EconTax Blog]

Jan 22, 2024 - The 2024-25 Governor 's budget projects that PIT revenue will grow 12 percent this year, from $101.7 billion in 2022-23 to $113.8 billion in 2023-24. Over the first half of the year, availabe revenue data suggest PIT revenues are growing much slower than 12 percent.
https://lao.ca.gov/LAOEconTax/Article/Detail/795

How Does Tech Company Equity Pay Affect Income Tax Withholding? [EconTax Blog]

Nov 16, 2023 - Most Personal Income Tax (PIT) Revenue Comes from Paycheck Withholding. The state collects about 70 percent of overall PIT revenue via wage and salary withholding. Other sources include income taxes paid on business income, financial earnings, retirement income, and capital gains.
https://lao.ca.gov/LAOEconTax/Article/Detail/789

How Does Tech Company Equity Pay Affect Income Tax Withholding? [EconTax Blog]

Nov 16, 2023 - Most Personal Income Tax (PIT) Revenue Comes from Paycheck Withholding. The state collects about 70 percent of overall PIT revenue via wage and salary withholding. Other sources include income taxes paid on business income, financial earnings, retirement income, and capital gains.
https://lao.ca.gov/LAOEconTax/article/Detail/789

Mental Health Services Act: Revenue Volatility and the Governor’s Proposal to Reduce Allowable County Reserves

Jul 13, 2023 - Swap MHSA Tax for Portion of PIT. Another possible approach that would strike a different balance between stability and growth would be to swap the MHSA tax for a portion of the overall PIT. We estimate that between 2005-06 and 2022-23, MHSA revenue has equaled 2.3  percent of overall PIT revenue.
https://lao.ca.gov/Publications/Report/4780

Why Has Income Tax Withholding Lagged, Despite Job Growth? [EconTax Blog]

Nov 16, 2022 - PIT Withholding Down from Last Year. The graph below compares the running total of PIT withholding payments since the start of the 2022-23 fiscal year relative to the same period last year. To-date, personal income tax withholding is $575 million lower (2.2 percent) than last year.
https://lao.ca.gov/LAOEconTax/Article/Detail/759