‘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
- Posted on October 9, 2026
- By Fortune
- 0 Views
- 1 min read
In brief
Generating AI summary…
‘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
The state legislature could modify Prop 40 with a two-thirds vote, but courts would also weigh in on any attempts to stretch the scope to all taxpayers.
