So they approved a tax on themselves? I'm sure they've already dodged it, but boy was that one close!
However, the bill is unlikely to pass given the current dynamics in the California legislature.
No, unlikely to pass.
The bill wasn't passed, and others like it have failed. This is just some morons trying to push a crazy bill.
The tax is especially far-reaching for targeting accumulated wealth rather than income.
Wealth tax. Prepare for California to become radically less popular with the celebrities.
This place is going to implode on itself.
...why shouldn't we do this again?
Seems like it's mostly a win for everybody:
The only losers are the rest of us. We unfortunately have to deal with these a-holes moving elsewhere and bringing their ridiculous ideas with them instead of learning their lesson the first time.
It's lucky those poor billionaires have you decent people to stand up for them. The country may be collapsing from corporate corruption and skyrocketing medieval-level inequality, but you can die happy (homeless and starving) knowing that you stood up for the good guys.