I'll try to add some context to this issue as the web has spread much incorrect information.

As of the beginning of this year, the 200 or so billionaires still in CA have about $2.2T in wealth. The tax (if passed) would generate about $20B/year.

The BBB continuation of the federal tax cuts for the wealthy amount to about $1T in tax cuts to the wealthiest 1%. The BBB reduction in federal Medicaid spending results in about a $20B/year hole in the CA budget. It is logical to recover that lost federal tax revenue, to cover the associated reduction in federal aid. Given the CA budget is around $350B, there are other ways to make this work if needed.

As far as people leaving CA, we are still short on both water resources and housing resources (at least one million housing units short) for our current population size. I plead for people to leave as we are way overcrowded. While under our democratic leadership the state continues to make ends meet, a population reduction would be very helpful.
Alan

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