California's sales tax rates are among the highest in the U.S., but different comparisons generate different rankings for California, ranging from second-highest to 11th-highest in the nation.
We provide our updated Proposition 30/55 revenue estimates.
This post compares the administration's multi-year forecast revenue estimates with those generated under the LAO May 2016 economic growth scenario through 2019-20. (This does not reflect required transfers to the Budget Stabilization Account under Proposition 2 under the LAO figures, as those estimates are still under development.)
We have now received preliminary data from all the tax agencies concerning April 2016 collections of the personal income tax, the sales and use tax, and the corporation tax. These are the state General Fund's "Big Three" revenue sources.
We have received preliminary information from the state's tax agencies on February 2016 collections of the California's "Big Three" state General Fund taxes.
As part of the annual budget development process, the administration provides us with its current estimates of Proposition 30 revenues through 2018-19. 2018-19 is the last fiscal year affected by the Proposition 30 income tax increases for high-income Californians.