California Relies on Inequality to Fund Budget: Top 1% Fund Half The State Budget

Reason reports:

the top one percent of income earners pay more than 50 percent of the state's overall revenues, according to the Legislative Analyst's Office. The state's tax structure would top the list of any issues ripe for serious bipartisan deal making. And a recent study makes the issue more pressing.

"We've found that income inequality between the top one percent and bottom 99 percent rose with economic growth and fell with economic slowdowns," according to Autumn Carter, of the reform-oriented California Common Sense. "California has staked the bulk of its annual budget on the one ercent's ability to keep growing its income through taxable income like capital gains. We're actually balancing our state budget on income inequality."

Class war against revenue producers.