In 2022, capital gains comprised 13% of total personal income taxes owed, but in 2021 it accounted for 25% - indicating a significant drop in revenue.
Top 1% of California earners paid 38.7% of state personal income tax in 2022's bear market, compared to 49.9% during the booming stock market in 2021.
Politicians need courage to address the volatile tax system, jeopardizing state budget stability without reforms affecting various interest groups and voters.
#california-budget-deficits #capital-gains-tax #state-finance-instability #political-courage #tax-system-reform
[
add
]
[
|
|
...
]