Breaking Down the Numbers.  Personal Income Taxes for 2010-11 and 2011-12 are $10 billion higher than projected by the Governor’s Jan 2011 no-tax increase.

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Presentation transcript:

Breaking Down the Numbers

 Personal Income Taxes for and are $10 billion higher than projected by the Governor’s Jan 2011 no-tax increase budget projections.  Overall tax collections for are $8.4 billion higher than the Governor’s January 2011 no-tax increase budget projections.

 Personal Income Tax + 7.9%  Sales and Use Tax+ 4.4%  Corporation Tax- 1.4%

Big 3 Tax Revenues 2011 Budget Act Forecast for $78.4 billion Governor’s Budget Baseline Forecast for $85.0 billion

 Big 3 Baseline Tax Revenues projected to grow $4.8 billion – 5.9% increase  Personal Income Taxes to grow 7.9%

 Senator Steinberg : "Why would we make cuts that are going to harm people and harm the economy in March when in fact in May there's a real not just possibility, but if the trend continues, a probability that the deficit number is going to be less,’ (Sacramento Bee, January 5, 2012)

 Chris Thornberg “Tax revenue in the upcoming fiscal year could top Brown's forecast by around $4 billion.” (Source: Sacramento Bee, January 6, 2012).

Legislative Analyst Projections – November 2011

 The Governor’s Budget will impose a Cap and Trade Program “fee” in estimated to generate $1 billion in revenues through the auctioning of Greenhouse Gas emission allowances by the Air Resources Board as a market- based compliance mechanism. The Department of Finance advises that $500 million would be used to offset unspecified General Fund programs.  These tax proceeds are expected to grow significantly in future years to as much as $10 billion annually. At present, there is no clear nexus between who will pay the fee and who will benefit from the programs.  The AB 32 Implementation Group, a coalition of employers and taxpayer groups are “…greatly concerned that the Governor’s budget would allow use of $1 billion raised in the AB 32 cap and trade program in a manner that is beyond the scope of authority under AB 32 and the California constitution. The purpose of cap and trade is to reduce greenhouse gas emissions from regulated sources – including manufacturers, electric generators, universities, and public agencies. AB 32 and cap and trade is not intended to be a revenue source for the state of California.” Cap and Trade and SPEND