California August Sales Tax Collection Down 20% From Year Ago, Total Revenues Down 5.5%, Income Tax Up 11.6%; Spending Out Of Control By $3 Billion

A summary of California State Finances for August 2012 looks like this: Except for corporate income taxes (down a whopping 71.5% vs. projections), the state is doing better in August than budgeted.

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California August Sales Tax Collection Down 20% From Year Ago, Total Revenues Down 5.5%, Income Tax Up 11.6%; Spending Out Of Control By $3 Billion