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A state tax like this has absolutely no teeth. It's ridiculous to think that any Billionaire would stick around and donate 5% of their net worth to California.
Unless California also includes a provision that any Billionaire who's found to have fled this tax will be arrested and charged with something that carries a significant mandatory minimum prison sentence, this law will just be theater.
While they are mentally unwell money hoarders, even by that standard it is a bit ridiculous to uproot your entire life over 5%. Even the wealthy have friends, family, places they like to eat, preferred hooker burial sites, etc... and losing ready access to keep some discretionary income that would leave you checks math still absurdly wealthy is bonkers. That and if they're moving a business it's a whole other can of worms. Yeehaw move to Texas and find out how crooked the state's regulations are and how a majority of people around you are not mentally developed enough to function in society- including maybe the person who cooked your meal or rotated your tires.
I could have sworn that it also included language that applied the tax if they leave the state, too, but even if that's incorrect, who cares? Let them move. The more states that do something like this, the less places they'll have as "safe havens" and if they move out of the country, cool, again, let them. It sends a clear message: If you won't pay your share, we don't want you here.
Once everyone collectively agrees that billionaires should pay their share, there will be nowhere left for them to run. It has to start somewhere.
Republican states will never do that. They Iove billionaire boots. For many of them, being a tax haven is the only thing of benefit they can provide.
Unless we overhaul the Interstate commerce act (an article I power... So unlikely) to limit their ability to do business or ship product to/from/through Blue states, we will lose in Federal Courts every single time.
Good let them go. The businesses don't go with them, you can't take the property or the infrastructure. They leave, they leave it all behind, it gets broken up and sold off, everyone who matter wins
Again, that's not how this works.
California can't just seize corporate assets owned by multiple interested parties in order extract funds from one individual.
That's the whole issue with this toothless law, California can't enforce it. Even if they're able to seize a couple residences, the property in them, some vehicles, etc. There will be decades long court battles over those assets, and they still won't add up to the hundreds of millions of dollars that a multi-billionaire would be responsible for under this tax.
You heard it here folks. Time to give up!
Darn, guess governments can't do anything, may as well not try.