California sees big tax boost in December

California sees big tax boost in December
Large boxes full of already opened and emptied envelopes sit at the Franchise Tax Board before being recycled in Sacramento. The last six months generated $2 billion more income tax revenue than expected, according to a new report from the nonpartisan Legislative Analyst's Office. (Laura Morton / For The Times)

SACRAMENTO -- Gov. Jerry Brown received more good news Tuesday as he prepared to release his new budget proposal, due at the end of the week.

The last six months generated $2 billion more income tax revenue than expected, according to a new report from the nonpartisan Legislative Analyst's Office.

That's 8% more money than administration officials were counting on.

The state's coffers received much of that boost in December, with income taxes at $1.4 billion above projections for the month.

The Legislative Analyst's Office described that as a positive sign for the budget because December is a good indicator of how much taxes the state's wealthy are paying.

California relies heavily on taxing the wealthy -- in 2011, the top 1% of income earners paid 41% of state income taxes, according to statistics from the Franchise Tax Board.

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