Analyst Estimates Lower Tax Revenue Than Governor
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SACRAMENTO, Calif. (AP) — California’s nonpartisan budget analyst is giving a more sober projection of tax revenue than the one contained in Gov. Jerry Brown’s proposal for the coming fiscal year, mostly because it forecasts less from personal income taxes.
If the Legislative Analyst’s Office is correct, lawmakers will have to consider more spending cuts, tax increases, borrowing or a combination.
The analyst released its overview of Gov. Jerry Brown’s proposed $92.6 billion general fund budget for the 2012-13 fiscal year on Wednesday.
The main disagreement is over how much will be brought in from the wealthiest Californians, who pay about 40 percent of income taxes. Brown wants voters to raise their taxes.
The difference in overall revenue between the governor’s estimate and the analyst’s is $3.2 billion, mostly in income taxes.
Copyright 2012 The Associated Press.