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.
Deutsche Being Bank Accused of Tax Fraud By Federal Prosecutors
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Looking to Grow Your Firm? Consider GROCO
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Is Corporate America Getting Away With Too Little Tax?
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Business in New York Being Buried by Heavy Tax Load
New York, New York: It’s the town so nice they named it twice. But when it comes to taxes in one of the world’s greatest states, things aren’t so nice. That’s because New York is one of the worst places to live if you don’t want to pay a lot of taxes. New York has…