Based on the 2021 tax year, the top 1% of California earners paid virtually half – 49.9% -- of the state personal income tax. But the top 1% paid 38.7% of the income tax in 2023.
  • Neuromancer@lemm.eeOPM
    25·
    7 months ago

    You have to spread the taxes out; otherwise, you end up with the rich leaving, and you have a huge hole in your budget.

    Several blue states are losing the wealthy to red states and now they can’t figure out how to balance their budgets.