The Importance of Income Taxes in California

California is facing $40 billion in state deficits that cannot be rolled over, he says. 1% of California pays 50% of the income taxes, and what do they do? They make fun of people who pay half of their income tax, which is over half of the state income,. That's revenue. And we're not all Jay Z and Beyonce or LeBron or the Malibu party said that they'd give a pass to. "They want to have a mansion tax. They want a wealth tax."