While the concept of progressive wealth taxation is very important and good, executing on such taxes is very hard.

I'm skeptical this bill is actually a positive step in the overall campaign. That said, I think the more discussion about the concept, the better.

The nice thing about economics is how unreplicable it is due to exogenous circumstances.

It will be interesting to see how many very successful people decide they don't want to supply even more of the tax base.

"Second, the proponents’ 10 percent avoidance assumption is obsolete before signatures have even been submitted. Between the initiatives announcement on October 15, 2025 and the residency snapshot date of January 1, 2026, just six publicly confirmed departures eliminated far more than 10 percent of the base. During this period, nearly 30 percent of California’s wealth tax base left the state, and this only includes the billionaires who publicly announced their departures (see Table 1). "

https://libertylensecon.substack.com/p/california-wealth-tax...

Unlike in New York City, though, billionaires don't contribute that much to a total income tax receipts- a little over 2%, though that is from about 150 households, so anybody moving will have necessarily a significant impact.

https://www.nber.org/papers/w35218

https://www.ntu.org/foundation/detail/leave-if-you-tax-them-...

Money has to come from someplace if you want the US Gov to stop printing money and inflation.

What is hardly mentioned about inflation is the tax cuts for the rich. That increases money supply and forces the Fed to borrow more, or find other ways of raising funds to pay for the government.

So yes, either fix the tax code or enable this wealth tax nation wide, no other choice. One reason people like the 50s was everyone was taxed and most wealth was not in the hands of the few.