Unfortunate update as of today: More calls from friends. The total wealth that has left California is now $1T. We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left - taking their income tax revenue, sales tax revenue, real estate tax revenue and all their staffs (and their salaries and income taxes) with them. In other words, by starting this ill conceived attempt at an asset tax, the California budget deficit will explode. And we still don’t know if the tax will even make the ballot. California billionaires were reliable tax payers - 13.3% every year. They were the sheep you could shear forever. Now California will lose this revenue source FOREVER. Unless this ballot initiative is pulled, we will not stop the billionaire exodus. With no rich people left in California, the middle class will have to foot the bill.