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Monday, November 23, 2020

Still Ahead

Despite initial predictions, California income tax withholding during the coronavirus crisis has been running ahead of 2019, a boom year, according to the Legislative Analyst Office (LAO). This continuing trend helps explain the brighter-than-expected state budget outlook for 2021-22. The governor's proposed budget for the upcoming fiscal year is due in early January. However, the Dept. of Finance is surely at work on it now, using data such as above.

Source of chart: https://lao.ca.gov/LAOEconTax/Article/Detail/584

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