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

This Week's Tax Take Reaches $7.7 Billion

As Californians rushed to meet the April 15th tax deadline, the state saw a strong inflow of funds.  Based on preliminary numbers for Friday, total collections of personal income taxes (PIT), corporate taxes, and sales taxes, totaled approximately $7.7 billion for the five days through April 18th.  This represents nearly 60% of the total goal or projection for the month.  

The Franchise Tax Board’s (FTB’s) statistics can segregate taxpayers by adjusted gross income.  It reports that in 2011 there were nearly 15 million resident returns.  Of these, the “wealthiest” returns--1.5 million (that is, the “top 10 percent”)--had a minimum adjusted gross income (AGI) of about $133,000.  The wealthiest one percent of resident returns listed a minimum AGI of over $460,000. 
 
Of California's three major revenue sources, only retail sales taxes are still falling short of projections, but Easter shopping this weekend could reverse that trend.  Consumers have indicated that they expect to spend an average of $137 for the holiday so perhaps they will be busy this weekend.

 
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