California Comes Out on Top of Estimated Tax Revenue
Who says California isn’t doing well financially? When it comes to taxes, it appears that the Golden State is doing just fine. California is definitely one of the worst locations to live if you want to keep your tax bill low. With the latest report from the state’s Controller, Betty Yee, it’s no wonder that taxpayers wonder why they lose so much money to the government.
According to recent reports, the month of February was a very good month for the state treasury. That’s because Ms. Yee reported that California beat it’s tax revenue for the month of February by about $1 billion. In fact, the state received about $6.6 billion in total tax revenue in February, which beat Governor Jerry Brown’s estimates by close to 18 percent.
Of that amount, $2.6 billion came from tax receipts from personal income taxes. That was 26 percent more than expected. Meantime, taxes for retail and use were up about 16 percent. As for the fiscal year, revenue for the general fund is already 1.4 percent higher than forecasted.
While the news is good for the state, the extra money could be gone fast. That’s because with all the extra cash, many expect that democratic lawmakers will encourage the governor to increase spending.
Testimonials
Testimonials Over the years, the partners and staff at GROCO® have earned the appreciation and respect of their clients. This has been achieved through hard work, expertise, and a dedication to excellent service. Read the following testimonials to see how GROCO® has succeeded in not only meeting but surpassing client expectations. Do you a have…
A Mortgage Refinance with Bad Credit – The Pros and Cons
A Mortgage Refinance with Bad Credit – The Pros and Cons To many, the term ‘bad credit’ is the end of the world when it comes to getting financing in the near future. However, it doesn’t always have to be like that, you can take the bad credit mortgage refinance option! Mortgage refinance vs. equity…
Deducting Job Search Expenses
Deducting Job Search Expenses If you or someone in your family is looking for a new job, you should be aware of the income tax deduction that may be available with respect to job-search costs. Qualifying expenses are deductible even if they don’t result in a new position being offered or accepted. What are job…
Investing in India: Big Splashes and Little Drops
Investing in India: Big Splashes and Little Drops By Elizabeth Bowden-David Last week at our breakfast table here in India, the local business newspaper offered a back-to-back pair of attention-grabbing headlines. First, the homegrown e-retailer Flipkart announced that it had secured $1 billion in fresh capital to support its expansion strategy. The very next day,…