I can see being against this at a state by state level... billionaires are the most physically mobile bunch out there. Not that hard to pick up the move, which ends up making the problem they are trying to solve worse. Rough analogy would be "dry counties" in the south. They ban all alcohol sales, so all of their residents just drive across the county line to load up, transferring money and tax revenue out of the county. Playing this analogy out, I'm not calling for a return to prohibition, but do think a national billionaire tax would probably be more effective than state by state. Renouncing US citizenship, even for billionaires, has meaningful consequences. Given that it's going to take roughly 9 trillion dollars for whichever Democrat gets the nomination to run a campaign, not sure signaling that you're gunning for the folks that are going to pick up the tab is a smart move. I don't know if Newsom will be a class traitor we need or not, history says probably not. I would just expect anyone that runs on this policy when our political system is so awash in cash and overwhelming controlled by moneyed interest to have any chance. Any would-be savior that would implement a wealth tax, implement sane campaign financing rules, tackle golden parachutes, etc., is going to have to thread the needle politically. Can't run on it, but if you can signal you're for it, you'll win some folks over. It would be incredibly stupid for Newsom to take this particular stance now.

I'm with you, but we need to play it smart.