California Thank Google for Budget Windfall
California’s budget revenue slides up and down with constant change in capital gain and stock options, is now counting on big income tax filings from few tech executives to help balance its budget. For this wave, California could largely thank Google Inc.
Google cashing in more than 9 million shares valued at $3.7 billion in the year 2006, 16 Google insiders would owe the Golden State as much as $380 million in taxes. As Google’s stock topped $500 in 2006, now continues to sell hundreds of shares each months, according to an analysis of insider transaction data provided to The Associated Press by research.
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