California January Tax Revenue Well Below Estimate By $528 Million

Posted By on February 10, 2012

So, Governor Brown, what happened to the big recovery  you were expecting…and how about the giant consumer spending binge of the last two months fueled mostly on credit……just asking?  This is a disaster to the state budget. Spending up as reflected in sales taxes, while income is down, relected in income taxes.

California collected $528 million less in taxes (gulp) in January than Governor Jerry Brown estimated in his latest budget, Controller John Chiang said.

The majority of the shortfall was in income taxes, down $525 million, or 6.3 percent less than projected in the spending plan Brown released Jan. 5, Chiang said. Corporate taxes were down $127.9 million, while sales taxes were up $42.8 million.

California’s cash may be exhausted by March, Chiang reported Jan. 31. The nation’s most populous state will need $3.3 billion by mid-April without additional borrowing and payment delays, because it has spent more and received less than anticipated for the current fiscal year.

“January revenues were disappointing on almost every front,” Chiang said today in a statement. “Thankfully, the decisive actions taken recently by the state to stabilize its cash flow will ensure that California can pay its bills through the end of the fiscal year.”

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