California revenue dips, possible sign of ‘revenue deterioration’ to come

[KamaAina]

http://www.sacbee.com/news/politics-government/capitol-alert/article58276623.html

It’s been a heady ride for California finances in recent years, with budget revenue outpacing estimates by billions of dollars, buoyed along by the state’s healthy economic growth in 2015....

Preliminary tax revenue for January stands at a net $167 million less than estimates in Gov. Jerry Brown’s proposed budget, according to a report Wednesday by the Legislature’s non-partisan fiscal analyst.

Income taxes came in $260 million less than budget estimates, preliminary numbers show, with corporation tax revenue $93 million above estimates. The income tax dip likely reflects a modest slowdown in economic growth and the lackluster stock market, the Legislative Analyst’s Office reported.

“Five months of 2015-16 income tax collections remain, including the key income tax months of April and June,” the LAO writes. But “the possibility now exists for some revenue deterioration between now and the May Revision.

Hoo boy. You just know Edmund is clipping and saving this to throw in anyone's face who utters a peep about restoring the social safety net.

[stuffmatters]

1. Elephant in the Room:Silicon Valley Beheamoth Tax Cheats

HQ'd in Silicon Valley, Ca, registered in state tax havens like Nv to cheat Ca out of paying their huge fair share.

[KamaAina]

2. Correctamundo.

Apple has a tiny subsidiary called Braeburn Capital. (Get it? It's a variety of apple, like Macintosh!) Its four-person office is situated in -- wait for it -- Reno. And Apple's finances are structured in such a way that Braeburn reports all the profits.