advocacy groups and unions opposing the initiative say taxing the state’s 20,000 highest-earning households could raise approximately $3.5bn in necessary annual revenue
Backing out the numbers (also rounding the tax up to 10%), the $3,500,000,000 in revenue is on $35,000,000,000 in income. Spread over 20,000 households and add a million per household for the portion not taxed, that is an average of $2,750,000 in income per household being taxed an additional $275,000.
Seems fair like a fair price for living in a safe and stable community that makes possible earning so much.
Backing out the numbers (also rounding the tax up to 10%), the $3,500,000,000 in revenue is on $35,000,000,000 in income. Spread over 20,000 households and add a million per household for the portion not taxed, that is an average of $2,750,000 in income per household being taxed an additional $275,000.
Seems fair like a fair price for living in a safe and stable community that makes possible earning so much.