Tags: California | tax | revenue | estimate

California's Tax Revenue Falls 10 Percent Short of Estimates

California's Tax Revenue Falls 10 Percent Short of Estimates

(Stock Photo Secrets)

Thursday, 11 August 2016 08:57 PM

California state revenue missed official projections in July by $591 million, or 9.8 percent, due to lower than expected sales, personal income and corporate taxes, the state said on Thursday.

State Controller Betty Yee said the revenue shortfall was attributable to a slower rate of job growth this year compared with 2015.

Retail sales and use taxes came in 23.5 percent or $213.5 million below projections.

Personal income tax receipts were $323.3 million below estimates and corporate taxes were $49.5 million below projections.

Although the report showed California revenue missed the target by a wide margin, Yee cautioned against reading too much in to the report.

"We should exercise caution by further examining and understanding the possible causes of the revenue shortfalls, as a one-month snapshot is not indicative of an economic trend," she said.

© 2019 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
StreetTalk
California state revenue missed official projections in July by $591 million, or 9.8 percent, due to lower than expected sales, personal income and corporate taxes, the state said on Thursday.
California, tax, revenue, estimate
135
2016-57-11
Thursday, 11 August 2016 08:57 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved