California Tax Collection Tops Projection by $1.4 BillionMichael B. Marois
California has collected $1.4 billion more in taxes since June than Governor Jerry Brown estimated in his budget proposal as the economy continues to rebound, the state’s controller reported
The largest U.S. state by population took in $64.5 billion in income, corporate and sales taxes for the fiscal year through April 7, Controller John Chiang said on his website. Brown’s budget estimated the state would have collected $63.1 billion as of today, according to Chiang.
Brown in January proposed a record $106.8 billion budget as the Golden State’s coffers brim with the biggest surplus in more than a decade.
The 76-year-old Democrat called for an 8.5 percent increase from current spending, with $11 billion to pay off loans that papered over previous deficits, and $1.6 billion in reserves, while increasing funds for schools, welfare and health care for the poor.