‘Trojan horse’: California’s top 1% pay nearly half the state’s income taxes. Prop 40 opponents warn the billionaire tax could reach everyone else

(Credit: Kent NISHIMURA—AFP/Getty Images)

California’s revenue is notoriously top heavy, leaving state coffers vulnerable to boom-and-bust cycles as the wealthiest residents see their incomes rise and fall with the stock market.

In recent years, the top 1% of California households have accounted for about 40% to 50% of all personal income tax revenue, according to the conservative Hoover Institution.