‘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

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%-50% of all personal income tax revenue, according to the conservative Hoover Institution. In fact, the top 1% paid more than $60 billion in California personal income taxes in 2021, when the stock market soared.…