A lot can change between now and the end of April, the largest revenue collection month for the state. But a look at the first eight days of the month isn’t exactly banner news for the state’s fiscal health.
In 2008, not exactly a boom year either, $703,166 in personal income taxes was paid in the first eight days of the month.
During the first eight days of April 2009, $456,227 came over the transom.
By April 30 2008, nearly $12.9 billion in personal income tax revenue was collected.
This year, Governor’s Schwarzenegger’s Department of Finance predicts a monthly total of only $8.9 billion in personal income tax receipts.
If the first week is any indicator, revenues may not even meet that lowered expectation.
While a 1 percent sales tax increase approved as part of the budget signed by the GOP governor February 20 took effect at the beginning of the month, it’s unclear how much of the income tax revenue slowdown it will counter.
April can be a volatile month and the two weeks after the April 15 tax-filing deadline are far determinative of the state’s fiscal success than the first eight days.
But a number of economic indicators, such as unemployment, have worsened since the budget passed last September and worsened more since the one signed into law in February.
Looking at the fiscal landscape, only the most optimistic observers would say the state general fund’s health has improved – or stayed the same — over the last six weeks.
The budget signed in February was designed to close an estimated $42 billion gap between spending commitments and revenues. Taxes were increased by $12.5 billion. State spending was reduced by more than $14 billion.
Despite that, the Legislative Analyst predicts there will be a gap of $8 billion between money coming in and money going out by June 30, 2010 unless the governor and lawmakers do something to correct the problem.
The April tax receipts – and those of March, a big collection month for businesses who pay quarterly taxes – suggest the $8 billion problem will grow and, depending on various factors, possibly double.
Personal income tax collections in February were $437 million lower than the Department of Finance’s estimates. However, collections were still $134 million higher year-to-date than expected. Figures for March have yet to be released.
Bank and corporation taxes collected so far in April are roughly the same as those posted last year at this time — $133 million.
The Department of Finance expects to reap $2.29 billion in business taxes this April. The rosy figure – only $1.8 billion was collected in April of 2008 and April of 2007 – is due to predictions of higher receipts from new tax acceleration requirements in the September budget such as LLCs paying their fees earlier.
Adding to the fiscal hole, polling indicates voters are not clamoring to approve several measures on the May 19 special election ballot that help “balance” the budget. If voters balk, the budget jumps $5.8 billion further into the red.
The math: $8 billion plus $5.8 billion plus a few billion less than expected in tax receipts. Thinks $16 billion – or worse.
-30-
Well I am glad it has been a good year for taxes. But I’m preatty sure that unemployment will get worse because there is not enough jobs for everyone right now.
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If:
April May June
Credit sales $330,000 $372,000 $432,000
Credit purchases 132,000 150,000 185,000
Cash disbursements
Wages, taxes, and expenses 20,400 22,200 25,200
Interest 9,600 9,600 9,600
Equipment purchases 70,000 84,000
The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.
In March 2002, credit sales were $210,000, and credit purchases were
$156,000. Using this information, complete the following cash budget:
April May June
Beginning cash balance $300,000
Cash receipts
Cash collections from credit sales
Total cash available
Cash disbursements
Purchases
Wages, taxes, and expenses
Interest
Equipment purchases
Total cash disbursements
Additional Details
I need to know the cash budget for April May and June
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New payroll tax credit of $400 per worker and $800 per couple in 2009 and 2010. “This credit would be calculated at a rate of 6.2% of earned income and would phase out for taxpayers with adjusted gross income in excess of $75,000 — and $150,000 for married couples filing jointly,” says Mike D’Avolio, a senior tax consultant at Intuit, which among other things makes the TaxTurbo software. He thinks this credit is particularly helpful because it “cuts taxes for more than 95% of working families in the United States.” He says that in March or April 2009, employees will begin seeing a decrease in what’s held for taxes in their paychecks.
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State officials are breathing a sigh of tax debt relief, after April tax receipts – the biggest month of the year – came in $61.5 million above expectations. That puts the state’s cumulative receipts about $88 million over projections for the year – and makes the state that much more likely to be able to balance its budget in future years as a temporary sales tax hike expires and drains $180 million a year form the state budget. Gov. Dirk Kempthorne said, “Although these are preliminary numbers, they are nothing short of spectacular.” He called the news “the strongest sign to date of a recovering economic geology.”
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