Most of the super wealthy who’d be hit are liberals who helped make the state a mess. A lot of Hollywood folks, Silicon Valley types. I won’t weep if they’re taxed more
I agree. Soak the liberals who fund BLM, Climate Change Groups, and the Democrat Party. Raise the wealth tax to 10%. After all, they believe in fairness.
Imagine your net worth is $100 million (of items subject to the tax).
.4% is a tax of $400,000 a year. Each year.
Spend the first $100K hiring the best tax attorney you can find.
CA will never see a penny when the tax attorney is finished their work, because their will be loopholes.
If the tax attorney determines there are no loopholes, then they will send you a very brief note: “Get the f&^% out of CA and hide your assets from them.”