One and done, California-style

Wall Street Journal: "California’s Wealth Tax Boomerang - A new study says Prop. 40 could lose revenue for the state."

“The state’s cash flows will have a pattern similar to that of the sale of a financial security: the state receives an up-front payment today from one narrow group of taxpayers in exchange for a lost stream of payments in the future,” the paper explains. The overall result will be a revenue loss of $38.9 billion to the state.

Prop. 40 has already done damage, and if it passes, expect more pain than gain.

In my opinion, one of the funniest selling points for the wealth tax is that it's a "one time" tax on billionaires.  Zero - there is zero chance that California won't try to dip into that well after they run out of money again.