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April 25, 2024 |
Report: Poor pay greater share of income taxes SACRAMENTO – (INT) – A new report finds that poorer Californians are paying a disproportionate of income taxes.
The California Budget Project found that non-elderly California households in the bottom fifth of the state in terms of income pay an estimated 10.6 percent of their incomes in state and local taxes. This is a greater share than is paid by any other segment of the state's households. At the other end, the wealthiest Californians earning $1.6 million a year pay 8.8 percent of their incomes in state and local taxes. That is nearly two full percentage points less than the poorest Californians. "Having California's wealthiest contribute a smaller share of income than the poorest is a case of upside-down tax policy, " said Chris Hoene, CBP executive director. Story Date: April 17, 2014
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