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.
So the article is saying since the income of rich people can fluctuate by millions of dollars each year, the amount of taxes they pay also fluctuates by large amounts, and that makes budgeting hard. The solution is to instead tax the average person. Budgeting is easy since they make the same every year and so the tax collected will always be the same.
Do rich people think we’re idiots? This reads like Tom Sawyer convincing his friends to paint the fence for him.
So the article is saying since the income of rich people can fluctuate by millions of dollars each year, the amount of taxes they pay also fluctuates by large amounts, and that makes budgeting hard. The solution is to instead tax the average person. Budgeting is easy since they make the same every year and so the tax collected will always be the same.
Do rich people think we’re idiots? This reads like Tom Sawyer convincing his friends to paint the fence for him.
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.