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The bottom 20% of income earners, those making less than $25,200, pay 11.7% in taxes in California, slightly higher than the U.S. average, but well below Texas’ 12.8% and Florida’s 13.2% ...
A California Democrat is renewing his efforts to tax wealthy residents’ net worth as a potential solution to closing the state’s $68 billion spending gap.. And Democratic Assembly Speaker ...
Since wealth is associated with ownership of "intangible" assets like stocks, bonds, or business equity, which are exempt from wealth taxes, ITEP says regressive state tax distributions that rely on property taxes on real property can worsen inequality, and that of all US states in 2018, California's tax code reduced inequality the most.
Here’s a more familiar example of the volatility: In the 2022 tax year, during a bear market on Wall Street, the top 1% of California earners paid 38.7% of the state personal income tax.
Elections in California. Proposition 30, officially titled Temporary Taxes to Fund Education, is a California ballot measure that was decided by California voters at the statewide election on November 6, 2012. The initiative is a measure to increase taxes to prevent US$6 billion cuts to the education budget for California state schools.
The economy of the State of California is the largest in the United States, with a $3.94 trillion gross state product (GSP) as of 2023. [8] It is the largest sub-national economy in the world. If California were a sovereign nation (2024), it would rank in terms of nominal GDP as the world's fifth largest economy, ahead of India (3.937 trillion).
That would place those individuals in California’s largest state income tax bracket — at 9.3% — which applies to single filers who earn between $61,215 and $312,686 per year, or married ...
One notable side effect of California's tax structure is that a substantial portion of the state's income comes from a small proportion of wealthy citizens. For example, it is estimated that in 2022 the top 5% of state taxpayers (those with tax returns showing over $200,000 in yearly income) paid approximately 70% of state income taxes. Surplus