There goes Zuckerberg

WSJ: "Mark Zuckerberg Is the Latest California Billionaire to Buy a Florida Home - Local real-estate agents say the newly completed mansion on Miami’s Indian Creek will likely fetch between $150 million and $200 million"

Great job, Gavin Newsom:

With Zuck’s move to Florida, California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T just a few weeks ago. 

The loss of this tax revenue was totally avoidable but is now forever. All because Gavin Newsom stood motionless as this stupidly written bill, from a fringe union and a handful of socialist academics with an axe to grind, meandered its way into the public conversation without any action from him and freaked everyone out. 

These were all people that were paying 13%+ in state income tax every year WITH NO COMPLAINTS UNTIL A FEW WEEKS AGO.

And now, for the rest of time, the lost tax revenues from these folks will have to be paid for by the middle class because they are the only group left in California large enough that you can tax to fill the hole. 

The wealth tax idea was always stupid because, as I like to say, it's coming into your house and taking the Picasso off the wall.  People understand the concept of taxing income but a wealth tax is an entirely different animal.