Buoyed by a relatively good day for personal income tax receipts (PIT) and continued strength on the corporate side, preliminary numbers for April 21 show that California’s total receipts from its three major revenue sources are still exceeding projections by about $2.7 billion.
Monday’s numbers, including weekend dining and spending for Easter, also indicate that retail sales taxes are catching up, with year-to-date receipts only trailing estimates by around $67 million.
The stock market’s performance remains critical to the revenue outcome. Of the capital gains and losses reported in 2011, taxpayers reported stock gains of $29.0 billion. Against these gains, they netted losses of about $15.2 billion. For stocks held less than a year, they reported more losses than gains, showing losses of $5.5 billion and gains of $4.8 billion. Gains from stocks held longer than a year outstripped losses by $14.5 billion.
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