California’s billionaire tax, explained

Why $1bn? Is that $1bn in cash? Cash plus rare gems, excluding Sierra gold nuggets? Equities plus commercial real estate over 10 floors tall? What makes 1% a good threshold? Why not 4? Why not tax all assets on a recurring basis? Do California taxpayers still trust their government will properly and responsibly spend a $100bn tax windfall? What happens when that is spent and deficits return? Another “one time tax” on multimillionaires?

Just making a point about the poor handling of existing tax income and spending discipline, as well as the very arbitrary nature of these tax-seeking initiatives.