STOCK MARKET WATCH -- Wednesday, 15 August 2012

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26. There's Something Very Peculiar And Worrisome About California's Latest Tax Data

http://www.businessinsider.com/california-tax-data-2012-8

Now I'm Wondering "What's Going on in California?"
My change in perspective come from looking at California State Finances for July 2012.
Compared to Budget
Total Revenues: -$475 million (-10.1%)
Income Tax: $12 million (0.4%)
Sales Tax: -$295 million (-33.5%)
Corporate Tax: $57.1 million (27.4%)
Compared to 2011
Total Revenues: -$468.8 million (-10%)
Income Tax: $156.2 million (5%)
Sales Tax: -$390.7 million (-40%)
Corporate Tax: -$26.4 million (-9.1%)
What the Numbers Tell Us
Typically, July is a month when California revenues go on vacation, as the month accounts for about one dollar of every $20 deposited in the General Fund. (Only October has lower revenue volume.)

Despite those low expectations, July’s revenues were $475 million, or 10.1%, below estimates.


Read more: http://globaleconomicanalysis.blogspot.com/2012/08/retail-sales-rise-not-in-california.html#ixzz23cEjj1Pi