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Study Shows Lowest-Income Californians Pay Larger Share of Taxes

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(Sacramento, CA)
Friday, April 12, 2013

The California Budget Project report shows families making just $13,000 a year pay more than 10-percent of their income in state and local taxes.

The wealthy? 8-percent. That includes families making $1.6-million.

Why? Chris Hoene with the Budget Project says part of the reason is the tax loopholes and credits that aren't working the way they are designed to.

But it's also the tremendous rise in wealth.

"California actually does, because of the progressive nature of the tax system capture a lot more revenue from its wealthy individuals," says Haney. "It's just that we have such a disproportionate share of the wealthiest people in the country and in the world that we still don't actually keep up with the actual growth in their incomes and wealth."

The report also shows that corporate profits in the last decade have increased by 412-percent, while personal income has increased just 30-percent.

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