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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