Feeling over taxed? Well, it’s official you are!
It’s been no secret that California puts a heavy tax burden on its residents.
State tax revenue has over shot the estimated monthly tax revenue for over a year. According to the Department of Finance, as reported by the Sacramento Bee, the year-to-date-revenue is now $1.4 billion more that the Brown administration projected.
Just last month alone was $274 million above estimates. However it’s not just the residents that are being over taxed. Corporate tax revenues have also exceeded estimates by $110 million, according to the Department of Finance.
So if you have felt heavily taxed, it’s because you are.
Gov Brown has made no comments about returning the over taxed money back to the residents and corporations that were over taxed. Instead he’s looking at reinvestment options for more social programs.
According to the Sacramento Bee, “If tax revenue remains higher than projected in coming months, Gov. Jerry Brown is likely to face increased pressure from Democratic lawmakers and social service advocates to free up spending.”
The governor will release a revised budget proposal in May.
Just in case you wondering what a billion dollars looks like: