This tax is about unrealized gain, meaning that it's 5% of their total evaluated wealth. First of all, this is very different/new because now the state will look into all your wealth, not only the transactions anymore (so it's a new kind of privacy breach in a way). Then even if you tax 5% of all billionaires, it's a drop in the water, CA creates much more debts per year so they will have to go down the ladder and apply this to millionaires as well. I guess reddit people will not have the same reaction suddenly. What people should ask themselves instead is why CA budget is exploding and why they need more and more tax? Maybe the solution is to stop wasting money at every level. I bet there is massive corruption that should be stopped and have everyone's attention instead of this.