As the saying goes, Mo’ Money, Mo’ Problems.

The Golden State, the most populous state in the country, has the third highest threshold for the top 1% of taxpayers, according to a new study from Smart Asset.

Researchers analyzed 2020 IRS tax data for individual filers and adjusted those figures for May 2023 dollars using the Bureau of Labor Statistics’ Consumer Price Index, according to the website.

The report shared that households that earn at least $844,266 per year are considered to be among California’s top earners. However, households who make that amount or more pay 26.95% in taxes.

Connecticut and Massachusetts were the only states with higher thresholds for their top 1% of taxpayers.

In Connecticut, households who make at least $952,902 pay 28.40% in taxes, and in Massachusetts, households who make at least $903,401 pay 27.15%

Connecticut had the highest thresholds for its 1% and Massachusetts was ranked second, according to the report.

Arizona had the lowest threshold for its top earners, with households making at least $564,031 considered to be among the state’s top 1% earners.

The complete study can be found here.