Bulk of Income Tax Money Came From Individuals
Ever wonder where state government gets the $6 billion or so for its budget every year?
The easy answer is taxes and fees. But there are a wide variety of taxes and fees that the state levies against individuals and businesses. They range from taxes on motor vehicle fuel, tobacco and alcohol products, to individuals and corporations and insurance premiums.
The biggest revenue drivers for the state are the gross receipts, personal and corporate income, and severance taxes on oil, gas and other minerals taken out of the ground.
In 2016, the state collected a total of $5.46 billion in taxes and fees. Of that, $2.9 billion came from the GRT and $1.5 billion came from income taxes.
The bulk of that income tax money – $1.4 billion – came from individuals, while $114 million came from corporations.
Here are a series of graphs to show exactly where the state got its money in 2016. All data is from the U.S. Census Bureau.
Now we’ll break down those broad categories of taxes and fees. Of the $2.9 billion in GRT revenue the state collected, nearly $2.1 billion was characterized “general GRT,” which means basically all of us going into stores and restaurants and buying stuff and paying the GRT on it.
The rest, or $844.6 million, is characterized as “selective GRT,” which includes things like taxes on gasoline, tobacco and alcohol.
Here are the details of those “Selective GRT” taxes:
Now let’s look at the money the state gets for charging people to get licenses for things. In 2016, license revenue for the state totaled $342.5 million. Here’s the breakdown:
And finally, there are income taxes. In 2016, the state collected $1.5 billion in income taxes. Here’s the breakdown: