CA "shocker" ::: State sees sharp drop in income tax revenue

Why is it that statists see taxes as a zero sum game... never remembering that higher taxes almost always eventually net less revenue.

This is why Cuba and the USSR (e.g.) had to stop people from leaving. California hasn't figured out quite how to do that just yet.


State sees sharp drop in income tax revenue - Sacramento Business, Housing Market News | Sacramento Bee

California collected just $7.34 billion in personal income tax payments in April, putting further stress on the state's budget.

The state controller's office said the collections in April were down from $13 billion a year earlier. About a quarter of all income tax revenue is collected in April, the agency said.

In addition, the dismal April means the state is falling behind the revenue forecasts incorporated into the budget deal adopted by the Legislature in February. That deal assumed the state would have collected $38.3 billion since the start of the fiscal year last July 1.

With the new numbers, the state is about $700 million behind.

Personal income tax accounts for about half the state's general fund revenue.