I moved to California despite the high taxes. In doing so I was able to go from earning $55k per year to $150k a year. No amount of tax cuts would have given me that income boost. As long as people can make more after-tax money in SF and California than everywhere else the place will remain competitive.

Now, I’m not endorsing this particular tax proposal, just merely defending the general high tax policies here.

Edit:

I probably spend about $40/month on transportation. I do not own a car and bike to work and most other places. I spend $2700/month (market rate rent, no rent control) for a 1 bedroom apartment in a very walkable location. While the cost of living is higher, it's not so high as to make my life in the Bay Area worse than back home.