‘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

California's top 1% of earners pay nearly half of the state's income taxes, and opponents of Proposition 40 warn that a proposed billionaire tax could eventually affect all taxpayers.

The state legislature could modify the proposition with a two-thirds vote, but any changes would also need to withstand legal scrutiny.