California Proposition 63
Between 2004 and 2006, California levied (and voters approved) an additional one percent surcharge on taxable personal income above $1 million. The number of millionaire taxpayers in California increased by 37.8 percent during this period.
Evidence
-
The Number of High-Income Taxpayers Increased Significantly During a Period With 10 Percent and 11 Percent Tax Rates on High-Income Earners
After California raised taxes on the rich, the number of residents in the affected tax brackets rose as well.
