April 8, 2014


California's tax revenue jumped by $18.2 billion in 2013

California's tax revenues jumped by $18.2 billion in 2013, thanks to an improving economy and the impact of a temporary sales and income tax increase approved by voters, a new Census Bureau report shows.

All tax collections, including those for special purposes as well as the state general fund, increased from $115.2 billion in 2012 to $133.2 billion last year, with virtually of the increase generated by sales and income taxes. The general fund received about 75 percent of the taxes.

California's 15.6 percent increase was more than twice the 6.1 percent increase recorded by all states, the Census Bureau reported, Total state collections were $846.2 billion last year, with California's $133.2 billion being 15.7 percent of all state taxes, even though the state has just 12.2 percent of the nation's population.

The latter data bolster a new calculation by the Tax Foundation that Californians had the nation's fourth highest state and local tax burden in 2011, 11.4 percent of personal income.

Personal and corporate income taxes, the state's largest sources of revenue at $74.3 billion, jumped by $12 billion from 2012 while sales and other excise taxes, including fuel taxes, $48.1 billion last year, were up by nearly $7 billion. Personal income taxes alone totaled $66.8 billion while sales taxes alone were $33.9 billion.

In 2012, voters approved Proposition 30, which increased the state sales tax fractionally but sharply boosted income taxes on the state's most affluent families. It was estimated that those increases would add about $6 billion a year to the state's revenue stream but total revenues, including those from the tax hike, jumped by $18.2 billion, three times as much.

http://blogs.sacbee.com/capitolalert...t-in-2013.html