The poorest billionaire in California will make about $300 million this year. If we pass the CA wealth tax, he will only make $235 million. In exchange, millions of the poorest Californians will get health insurance. That’s the tradeoff billionaires are not willing to make.
A one-time tax sounds like what a billionaire would come up with to avoid a yearly 1-2% wealth tax. We waste all the political capital, things are better for a little bit and then we’re back exactly where we started.