California: State tax revenue grows as rich get richer

Andrew S. Ross

San Francisco Chronicle May 17, 2011 04:00 AM


So, we can breathe easier, right?

Thanks to a projected jump in tax revenue, California's budget hole is not as big as expected. Nor will covering it require the amount of sacrifice as first thought, according to Gov. Jerry Brown's revised budget.

And, apparently, we have the better-off to thank for it.


While working Californians will earn an average of $4,000 more over the next two years, those earning over $200,000 a year, and/or selling a bunch of stock, will account for most of the $6.6 billion increase in tax revenue, according to new budget estimates.


Full story:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/05/18/BUMN1JGSVP.DTL