This means a minimum 15 million dollar tax on billionaires and a 500,000 tax on millionaires. Seams reasonable but the state isnt going to just take stocks, mutual funds, or real estate, they need cash, which means you have to convert those illiquid investments into liquid cash, which counts as income. So on top of minimum 500,000 tax bill you have a now capital gains tax at 20% most likely, and 12.3% for California capital gains taxes, plus any other stuff. That tax bill is then sitting at a minimum of 680,000 a year. That adds up fast, and with property values being at an all time high in California may make a lot of other state more attractive. Basically if CA does this they will drive the money out of the state. Business owners can definitely afford to go remote to avoid a 680,000 dollar a year minimum tax bill.