The proposed California wealth tax that has some of the state’s billionaires fuming, threatening to move (and even taking steps to do so), is an elaborately crafted and novel plan that’s a long way from becoming law, let alone being enforced. It is designed as a ballot initiative, which, if it gets enough signatures, could be put in November before mercurial California voters, who have famously approved prior tax-the-rich measures, as well as, back in 1978, Proposition 13, strictly limiting the state’s real estate taxes.
