California sees big tax boost in December

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.


Jerry Brown seeking $250 million to boost bullet train

Democrats in Legislature want to expand early childhood education

California lawmakers face water, prison and budget issues in 2014

Twitter: @chrismegerian

Copyright © 2017, Los Angeles Times
EDITION: California | U.S. & World