CA personal income tax revenue way, way down

Congratulations to California State Controller John Chang for being brave and honest enough to post some frightening numbers. As the page says,

Personal income taxes for the 2007-08 fiscal year comprised 56.91% of all State General Fund revenues. Of those receipts, 23.6% arrived during the month of April.

Following this there is a day-by-day accounting of the revenue arriving in April, with the corresponding 2008 number for comparison.

Maybe I’m reading the table wrong, but what catches my eye is that in April 2009 the state received a total of $7.3 billion, compared to receiving $13 billion in April 2008. That is a 55% drop. If the drop in income stays at that level, it means that 31% of state revenue has evaporated. Ouch.

I have to assume that the portion of state revenues that doesn’t come from personal income tax is down as well. Ouch, again.

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