Earlier today Senators Rubio and Lee released their “Economic Growth and Family Fairness Tax Reform Plan.” We have modeled the economic and budgetary effects of the plan and will release our full results Monday, but the...
- Orange County Register quotes Mark Robyn on state tax col...
Orange County Register quotes Mark Robyn on state tax collections
Calif. tax revenue jump 6th highest in U.S.
By Jan Norman
Published: April 24, 2012
Economist Mark Robyn of the Tax Foundation, a Washington DC advocacy group, said "The recent increase in state tax collections is consistent with the gradual recovery from the so-called Great Recession. As economic activity picks up we expect to continue seeing increases in tax payments, in particular from sources like the corporate income tax, which is highly dependent on the health of the economy."
In spite of California's increased collections, the state budget is facing a $6 billion deficit this year because Gov. Brown and the legislature were counting on even higher revenues. Two efforts are underway to put tax increase proposals in the statewide ballot in November.
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