And since the article begins:While the tax rate of up to 13.3 percent on top earners is retroactive to January 1, the revenues won't really start coming in until sometime early in 2013 because of delayed withholding.
It would appear the assertion is the new rates are retroactive back into 2012 as the article was written on 01/14/13 and 'retroactive' for two weeks seems inconsequential. But that does seem ambiguous. As to the ‘calculating revenue from past income’ claim, true it is not a projection but a projection based on an erroneous premise may/may not come to fruition. We’ll see.In November, California hikes taxes on its top earners to the highest rate in the country. A month later, income-tax revenues explode. And the governor announces that the state's famous multi-billion-dollar deficit is pretty much gone.