Voter-Approved Top Tax Rates Have Generated Significant Revenues to Support State Services

Estimated Revenue, Tax Years 2013 - 2024

Bar chart displaying the estimated annual state revenues generated by the top income tax rates enacted through Proposition 30 and Proposition 55 from tax year 2013 through tax year 2024. The estimated revenues have increased from $4.7 billion in 2013 to $11.7 billion in 2024. Annual revenues peaked in 2021 before falling in 2022 and 2023, coinciding with the stock market surge in 2021 and subsequent decline.

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Note: Figures represent the Franchise Tax Board's estimates of the incremental Personal Income Tax revenue generated by the tax rates enacted through Prop. 30 and Prop. 55 through the 2024 tax year, the most recent available. These numbers differ from the amounts allocated to the Education Protection Account each state fiscal year.

Source: Franchise Tax Board Personal Income Tax sample datasetsDownload image