California sales tax revenue down 33.5% vs estimates
Compared to Budget
Total Revenues: -$475 million (-10.1%)
Income Tax: $12 million (0.4%)
Sales Tax: -$295 million (-33.5%)
Corporate Tax: $57.1 million (27.4%)
Compared to 2011
Total Revenues: -$468.8 million (-10%)
Income Tax: $156.2 million (5%)
Sales Tax: -$390.7 million (-40%)
Corporate Tax: -$26.4 million (-9.1%)
sales tax down 33%? That is enormous.
Be careful in your comparisons as most governments include borrowed money as revenue when the show their financials!
They also counted upon huge taxes from the recipients of Facebook stock when it went public. Instead, the stock is worth bout 1/2 of the IPO opening day offering.
Those ‘taxes’ were counted into the last budget revenues that California passed in 2011-2012 budget.
The money just isn’t there.