Google Helps California Earn Record Tax Receipts

SFGate.com reports that Google has probably helped the State of California bring in record tax receipts for the 2005 year. The article says that California brought in “a record $11.3 billion in personal income tax receipts,” which was $4.3 billion more than it collected the previous year. They attribute a “significant chunk” of the $4.3 billion towards Google employees and executives stock in Google, specifically 1/8th or more of the total gain. The executives alone could have paid around $450 million in capital gains tax on their stock sales of $4.4 billion at the 10.3% state-tax bracket.