A new insidious tax

Not content with making Elon Musk leave, the state of California is coming after all billionaires:

California lawmakers appear intent on making the Eagles song Hotel California a reality … at least when it comes to taxes for those who try to flee the state. At the Hotel California, “you can check-out any time you like, but you can never leave!” With soaring costs and a massive $24 billion deficit, the state is also facing an exodus of people leaving the state. The solution? Convert the state into a tax Venus flytrap: not only impose a wealth tax on those caught in the state but tax those who try to leave.

That's the nature of taxation. Market it as ONLY for the greedy, asshole, super rich and then in due time decrease the floor.

The law has a cynical bait-and-switch provision. The billionaire tax is just meant for the initial packaging and passage. It can therefore be sold as a “billionaire’s tax.” However, in two years, the threshold drops to a worldwide net worth exceeding $50 million.

This shouldn't be a surprise to anyone. The same thing happened with the income tax over a hundred years ago. The wealth tax will soon apply to average people with a "big" house that retails for over a million. A meagre, and of course "totally reasonable", 2% wealth tax on that property would mean an extra $20,000+ in taxes every year for the average doctor, engineer, professor, etc.