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.
February 8, 2016