Posted on 03/22/2021 4:07:36 PM PDT by Mariner
California has collected $14.3 billion more in taxes than it expected to in January, Gov. Gavin Newsom’s office announced, painting an even rosier state budget picture than he outlined at the start of the year.
“California’s improving revenue picture is another sign of the growing light at the end of the tunnel as we recover and rebuild from the pandemic,” Newsom said in a statement. “In partnership with the Legislature, we’ve ensured much of these revenue gains are providing immediate relief for individuals and families through the Golden State Stimulus, and for struggling small businesses.”
The state is using a significant portion of the higher-than-expected tax revenue to send $600 payments to low-income Californians and to provide $2 billion in grants for businesses hurt by the pandemic through the state’s Golden State Stimulus economic relief policy.
The gains are on top of an already flush budget projection from January. California has a budget surplus after state officials anticipated a much steeper economic downturn at the start of the pandemic and cut from schools, state worker salaries and other areas to make up for it.
(Excerpt) Read more at sacbee.com ...
'Rona Relief.
We're on the highway to hell I tell ya!
What a load of BS.
Like a druggie brother in law who gets his tax refund and ignores his debt.
True!
How much of the increase is due to the higher prices on gasoline and the sales tax basically collected at the pump?
One day they’re broke.....the next day they’re rich.
It’s almost like they have no idea what they are doing.
Nationally miles driven was down 17% in 2020 (not surprised with work at home and quarantine).
Don’t have specific number for Calif.
exactly- gas is almost $4 a gallon in CA
Nothing is ever their fault.
Exit Taxes, Enjoy it why it lasts boys
CA gets a lot of its income tax revenue from the many wealthy folks who live there—and the wealthy have been killing it on the rising stock market.
Any sentient being understands that under Democrat control of the Federal Government Democrat states would receive billions from the Federal Treasury as bailouts from the rest of the states.
Nationally miles driven was down 17% in 2020 (not surprised with work at home and quarantine).
Don’t have specific number for Calif.
We got refunds on both of our Cali vehicles due to less miles driven.
However our gas prices are soaring for Jan and Feb.
Cali has some $crew the drivers with a sales tax based on the cost per gallon.
It’s from taxes collected on capital gains. California is highly dependent on tax revenue collected from its tech zillionaires. Tech stocks have gained enormously since last March, which has powered a revenue windfall for the state of California.
I realize that cap gains in California are taxed as ordinary income, but wouldn’t the tax on CY 2020 gains not have to be paid until tax filing in 2021 (Which is now May 17)?
They’ll just piss it away, as usual.
Agree, I was just about to post that the revenues are more
than expected most likely due to the stock market...Stay at home stocks, i.e. many tech stocks, have done well in 2020.
Most of it will go into the bribes needed to stop the “recall” petition...
This was an intentional deception. This way they were able to squeeze more out of the Covid bill. Now that that the state is going to get more in taxes they still won’t have to take less from the so called federal stimulus. See how that works.
By rights this 14.3 billion should be deducted from the federal money they receive.
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