![]() The new rate would apply only to money earned in excess of $2 million per year. That doesn’t mean the highest-earning 43,000 will be forking over more than 15% of their entire princely incomes to the state. 15.05%Ĭalifornia’s new top income tax rate, if Prop. That, opponents argue, makes the super rich a bad source for an ongoing, long-term investment. Because the stock market and other financial markets soar to higher booms and sink to lower busts than the economy as a whole, the taxes they pay are notoriously volatile. The highest earners tend to get the bulk of their money through their investments. Unless you’re rich enough to plausibly be in the market for a private plane, this measure isn’t going to raise your taxes.īut for opponents, that narrow source of funding is exactly the problem. That’s a selling point for backers of Prop. Looking at the entire pot of cash that state lawmakers can draw on for discretionary spending, these select hyper-rich taxpayers cough up about one-fifth. ![]() Personal income tax isn’t the only source of state money, but it’s by far the largest. The rough share of the state’s personal income tax revenue paid by these 0.2%-ers, according to the most recent numbers. You’ve heard of “the 1%”? This is an even more rarified set than that: The 0.2%. Analysts say the number is now probably greater than 40,000. 30 passes at last count, according to the nonpartisan Legislative Analyst’s Office. The approximate number of Californians who earned more than $2 million a year in 2019 and would therefore have to pay up if Prop. 30 - or just curious about how it would work - we’ve boiled it down to 15 key numbers. On the other: the California GOP and its longtime political nemesis, the California Teachers Association.Īnd depending on which campaign you believe, this is either a taxpayer-funded handout for a single corporation - or a climate-saving spending package opposed by billionaires who don’t want to pay higher taxes. Gavin Newsom.Īlso on the yes side: Lyft, but also some of the unions that vociferously opposed the rideshare giant’s 2020 ballot measure to rewrite state labor law. On the pro side is the California Democratic Party, on the other is its most notable member, Gov. ![]() 28, for arts and music education, might have the most celebrities on its endorsement list.īut Proposition 30, which would raise taxes on the rich to support electric car deployment and combat wildfires, takes the honor of most confounding. Propositions 26 and 27, the two sports betting measures, might be the most expensive on California’s November ballot. ![]()
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