Californias economy doesnt feel cool when it comes to tax collections.
Surging income and sales tax collections pushed Californias government revenues to $44.97 billion in the current fiscal year through November, up $2.29 billion in a year, according to the State Controllers Office.
Government collections of taxes, fees and other revenues can be seen as an indicator of the health of the California economy. Since July 1, state revenues are up 9.8 percent in a year and up 5.4 percent vs. budget.
As for key components of revenue …
Personal income taxes: Paychecks and personal profits continue to grow with $30.67 billion collected fiscal year-to-date, up $1.58 billion or 11.1 percent in a year and up 5.4 percent vs. budget. Individuals paid income taxes equal 68 percent of all collections.
Corporate income taxes: Bottom lines look flush with $2.12 billion collected, up $108 million or 18.6 percent in a year and up 5.3 percent vs. budget. Companies paid income taxes equal 5 percent of state revenues.
Retail sales taxes: Pace of shopping remains brisk with $10.87 billion collected, up $765 million or 7 percent in a year and up 7.6 percent vs. budget. Shoppers contributed 24 percent of Californias government income.
All other income: $3.43 billion collected, down $60 million or 7.4 percent in a year and down 1.7 percent vs. budget.
State revenues are highly dependent on economic fortunes. California bosses have slowed their hiring pace. Add in a shaky stock market of late and the level of incomes to be taxed may slip.
Plus, these business-climate gyrations could cool shopping, curtailing growth in sales-tax revenues. Stay tuned!
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