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One Percent

California on the Brink: 144,000 Pay 50% of Income Taxes

Imagine the situation in which California finds itself.  Out of all the income taxes collected by that state, 50% of it is paid by by only 144,000 people.  Far less than one percent of the population.  Doug Ross has more on the issue… California residents already contend with one of the most progressive tax codes in the country. Not only does California have high marginal rates, those high rates kick in at relatively modest income levels. California’s middle class residents earning $48,000 a year, for example, pay a state tax rate of 9.3%. Millionaires in 47 other states don’t even pay that […]