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.

Friday, April 18, 2014

Individual Tax Payments Surpass $1.0 Billion for Third Day

As Californians' tax payments continue to come in and be tabulated, they are quite strong.  Final figures for April 17 show that personal income tax payments net of refunds exceeded $1.0 billion for a third consecutive day.  Corporate tax payments also remain strong and retail sales taxes may be starting to catch up -- probably reflecting late Easter shopping, retail sales taxes as of today, April 18, reached $74 million.  This is about three times the daily volume we have recently seen on a strong day.

Taxes paid on capital gains are likely to receive attention over the next few weeks.  The Franchise Tax Board’s (FTB’s) statistics tell us something about who pays these taxes. In its most recent data, for the 2011 tax year, FTB reports that taxpayers reported $52.1 billion in gains and paid $4.2 billion in tax on those gains.  Over 90 percent of all the gains were reported by taxpayers with adjusted gross income (AGI) in excess of $200,000.  These high-income taxpayers paid over $4.0 billion (96 percent) of the tax on capital gains in 2011.   Taxpayers reporting AGI exceeding $10 million reported $20 billion (38 percent) in capital gains and paid $1.7 billion (39 percent) of the capital gains tax.

3 comments :

  1. Capital Gains Tax (CGT) is chargeable upon individuals in respect of gains made from sell, transfer and otherwise disposal of assets.
    Capital Gains Tax can be very punitive if not planned for. Careful planning for Capital Gains Tax can result in significant saving of the tax

    ReplyDelete
  2. We specialise in CGT and as your appointed tax advisors we would prepare your Capital Gains Tax computations, making sure all your entitlements of claims to reliefs and exemptions are carefully researched, sought and filed for with the Revenue.

    ReplyDelete
  3. Capital Gains Tax can be very punitive if not planned for. Careful planning for Capital Gains Tax can result in significant saving of the tax and result in more of the disposal proceeds in your pocket and as less as possible of the capital gains tax.

    ReplyDelete