SHOCKER!! : CA Tax Revenues Continue to Drop Despite Tax Hikes
CA Tax Revenues Continue to Drop Despite Tax Hikes
At the end of November, â€śtaxes were 3% short in the fiscal year that started in July,â€ť which is â€śa gap of $936 million.â€ť The state was 0.7% short a month before.
H.D. Palmer, a spokesman for the state’s Department of Finance, spun the poor numbers by saying Facebook’s stock vested earlier than expected, and â€śboosted October taxes higher, while decreasing November revenue.â€ť
But the report found that tax revenues were below estimates nearly across the board, as total “year-to-date revenues are $936 million below the initial forecast.”
According to the report, personal income tax revenues were â€ś$827 million below the monthâ€™s forecast of $4.387 billion.â€ť Sales and use tax receipts â€śwere $9 million below the monthâ€™s forecast of $1.601 billionâ€ť and the year-to-date sales tax revenue was $8 million below forecast.
Not surprisingly, corporate tax revenues were also down, $175 million below the monthâ€™s estimate and year-to-date corporate tax revenues were $441 below estimate.
As more of California’s taxpaying residents and businesses flee the state due to its burdensome taxes and regulations, California’s government loses out on their tax dollars. Meanwhile, the state government continues to spend more on various programs even as the state has fewer taxpayers to pick up its tab.
Source : Breitbart