Friday, December 11, 2015
Latest Cash Report
When you look at the three big taxes, however, it appears that only the highly progressive personal income tax is running ahead of forecast values. The sales tax and the corporate tax are below forecast levels. That result suggests that good things are happening to incomes of those at the top of the income distribution (whose payments drive the income tax) but not so much for the rest. Note that even in a period when the stock market has not been shooting up, it is possible for capital gains revenue to come in based on earlier appreciation.
You can find the cash report at http://sco.ca.gov/Files-ARD/CASH/05_November_2015.pdf