๐จ SHOCKING FACT: CALIFORNIA RELIES ON THE TOP 0.1% ๐ฅ
In California, the richest 0.1% earn only 12% of total income but pay a staggering 27% of all income taxes โ should they leave, the system could wobble. Meanwhile, the bottom 50% also make 12% of income but contribute just 3% in taxes.
The stateโs budget heavily depends on high earners, especially in tech, finance, and investments where income can fluctuate quickly. A shift in this small group could force higher taxes on everyone else or cuts to schools, healthcare, infrastructure, and social programs.
Californiaโs tax system seems strong โ until the top earners start leaving. The impact would be felt by everyone. ๐ฃ
#WealthInequality #CaliforniaEconomy #TaxReality #Top1Percent #EconomicShock
