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.

Wednesday, April 16, 2014

See How 'Tax Gap' Affects State

Hey! You've got to hide your love away. The Franchise Tax Board (FTB) reports that California taxpayers underreport and underpay about $10 billion in "personal and business taxes" each year. Most of the yearly "tax gap" -- $8 billion -- occurs when taxpayers file their return but either underreport their income or overstate their deductions. FTB ascribes another $1 billion of the annual gap to underpayments. The agency also believes that collections fall short by another $1 billion each year because taxpayers fail to file a timely tax return.
The tax board notes that the tax gap affects all Californians, saying that when some taxpayers fail "to pay what they owe [then] the rest of us bear an additional burden. This [higher burden] can come in the form of higher fees and taxes, fewer government services, or budget deficits -- or all three."

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