California State Controller John Chiang offers this daily tax tracker to follow personal income taxes, sales and use taxes and corporate taxes -- the three major sources of revenue for the State.

The site will be updated regularly throughout each business day. Preliminary posts use dollar figures from tax administration agencies, while the following day the Controller will post reconciled (actual cash) figures. The latest figures are always available via direct download. Preliminary sales tax figures, along with personal income tax withholdings will be available by 10:30 a.m., followed by total personal income and corporate tax receipts, along with final sales tax numbers between 1:30 and 4:00 p.m. the same business day.

The chart on the right of this screen tracks the cumulative total of income, sales and corporate tax and compares it against estimated benchmarks for the month.

Tuesday, April 22, 2014

April’s Major Tax Revenues Hit $10.4 Billion

Finalized numbers show that collections for three major revenue sources—personal income, corporate income, and sales taxes—reached $10.4 billion for the month-to-date as of Monday, April 21.  Personal income taxes (PIT) commanded the dominant share at $8.9 billion.  Driven by growth of company payrolls and capital gains, PIT appears to be running about $1.2 billion ahead of estimates so far in April and is about $2.3 billion ahead of estimates for the entire fiscal year-to-date.

Each year, the single biggest source of taxable income can be attributed to wage income.  While its share may vary over time, in the last four years, wages accounted for between 61.3 percent and 67.3 percent of taxable income.   In 2011, for example, and after accounting for data anomalies, FTB reported that wages accounted for 63.5 percent of taxable income. 

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