Friday, April 29, 2016

How Much Is Their "Fair" Share?

California's budget is overly dependent on income taxes, especially those at the top of the income spectrum.  How much is "enough", how much should the state squeeze them for?
The wealthiest Californians paid nearly half of the state’s income taxes in 2014 after seeing an uptick in their average income from 2013, according to updated income distribution data compiled by the state Franchise Tax Board.
A graphic in the article shows that the top 1% (average income: $261,000) paid about 35% of income taxes collected in 1996, in the middle of the Clinton presidency, and 48 percent in 2014.  Those numbers for the top 20% were 83 and 90, respectively.  The article isn't clear but I think I'm in the middle 5th, from which was collected 3.75% of taxes in 1996 and 1.76% in 2014.  The bottom 5th paid .08% and .04% for the same two years.

Is that not progressive enough?

Read more here:

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