The poorest billionaire in California will make about $300 million this year. If we pass the CA wealth tax, he will only make $235 million. In exchange, millions of the poorest Californians will get health insurance. That's the tradeoff billionaires are not willing to make.
Thanks for the reply. I don't disagree with a single point you've made. The hope that it would spread to other states is predicated on success. If it isn't successful there, it would be dead in the water everywhere else. It very much seems like the scale of the money itself has already outstripped the possibility of legislation targeting it.