How Does $8 Billion Sound?
How much money did your business make in March? How does $8 billion sound? Well, that’s how much “revenue” the State of California brought in last month. Where did this money come from? Over half came from personal income taxes, with corporate taxes were at about $550 million and sales taxes made up another $2 billion. Personal income taxes were over 6% higher than projected and corporate taxes were a whopping 72% more than expected – 72%! The “bad” news…if there’s any good news when talking about taxes…is that sales taxes were down by $10 million. Which I guess figures when personal income taxes and corporate taxes (not all corporations are of the large “big box” variety) are bringing in more than expected. Do you feel overtaxed? A recent study by WalletHub and published in a CNBC article shows that California has the tenth highest tax burden in the nation, not far behind states like Hawaii and Illinois, but pretty far behind New York. So, it’s not all bad news, right? Want more bad news? The Legislature is currently looking at ways to bring in more revenue, which means from each of us. Yay! Enjoy paying your taxes!
If you are looking for me on Friday, don’t. I’ll be trackside at the Long Beach Grand Prix. Friday’s my day to go and check out all the IndyCar and sports car entries as they practice for races taking place this weekend. I love auto racing and all the time and effort drivers, engineers and mechanics put into their collective crafts to bring these amazing machines to the track. From determining downforce levels to performing in a pit stop, the entire team must work together to bring home a victory. Teamwork. Maybe there’s a business lesson in there…can’t get to victory lane unless your team is all on the same page and understands how their jobs align with the overall goal. Anyway, I’ll see you on Monday.
We are now just weeks from the Fiesta on the Fairways. I’ve already dialed in the weather (Chamber execs have that power), and it’s going to be just a perfect day on the course. Come out and meet other business and community leaders and maybe even bring home a new Lexus if you hit a hole-in-one. It will be the best day you have at work, I guarantee it.
Enjoy this spring weekend, and we’ll see you next week.
We’re all working together; that’s the secret. Sam Walton