

Feel like an outlier here, but creating a billionaire tax at the state level seems ridiculous, and would actually harm the state. It is so easy to move the money outside the jurisdiction of that state to another when you are that wealthy, so the only effective way to implement would be at the federal level. Can someone help me understand why a state level billionaire tax makes sense?




What they did is very different. They taxed residential properties not used as primary residences valued over 5 million. The CA tax is a one time 5% tax on the worldwide net worth of billionaires.