alt Hacker NewsEven if it fails, California has taken a multi billion dollar tax hit from all of the wealth flight as a result of this. Not to mention that those people may take jobs with them, straight to Florida or Texas or other friendlier states.
These taxes are an abject disaster everywhere they're tried. France tried it and it was extremely bad for them.
The cash raised from the tax is dwarfed by the wealth flight, every time.
Napkin math for just the people who have left already over 5 years show $50 billion in lost tax revenue. Probably far more in indirect losses (jobs, consumption, etc).
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If you won't do anything about the wealth, the top 1%, or top 0.1% will own more and more, until they own everything. Literally. There is no other outcome possible
If you think a few billionaires moving to other states would take the Silicon Valley with them and it would be easy then let's see it play out.
You need to remember that the proponents of this kind of thing WANT rich assholes to leave. They consider that an environmental social improvement.