[Ed. – These diabolical rich people. We’ve got to do something about them.]
[T]he most recent numbers from the Franchise Tax Board show nearly 90 percent of the money comes from one-fifth of the taxpayers – those making $91,000 and up. They belong to the only income range whose average income increased in the last two decades.
From an average of almost $173,000 per return in 1994, the average adjusted gross income for the top fifth of taxpayers reached nearly $238,000 by 2013, a 38 percent increase.
Forty-five percent of the state’s income tax money comes from the top 1 percent of filers – those with adjusted gross income of at least $501,000. Those taxpayers recorded an average adjusted gross income of $1.6 million in 2013, almost double what it was in 1994.
For other taxpayers, real income has stagnated or declined.