Let's be clear about what's happening here: this isn't serious tax policy. This is populist theater dressed up as fiscal responsibility.

The core problem with these proposals — especially the one-time wealth tax that's gotten the most attention — is that they create temporary revenue streams to fund permanent programs. We've seen this movie before. As one SF resident put it: "Whoever is using the funding is going to expect the program to continue and would want another tax somehow. It's similar to how people are crying about our current SF city budget shortfall and cuts, when a lot of our city programs were expanded using one-time pandemic boost to fund programs that are not one-time programs."

Bingo. Sacramento has a spending discipline problem, not a revenue problem. California already has the highest top marginal income tax rate in the nation at 13.3%. The state is sitting on a massive budget deficit despite record tax receipts just two years ago. And the solution is... taxing unrealized gains on a handful of billionaires who have the means (and the lawyers) to relocate?

Another local nailed the deeper concern: "This bill is a trojan horse to eventually tax upper middle class while actual billionaires will loophole their way out." That's not paranoia — that's pattern recognition. The income tax was originally sold as something only the very wealthiest would ever pay. Look how that turned out.

Then there's the constitutional question. Any wealth tax on unrealized gains faces a near-certain Supreme Court challenge, meaning millions in campaign spending and legislative energy could produce exactly nothing.

Perhaps the most honest take came from a local who admitted: "The majority of voters, myself included, don't have the academic background or research time to make an informed decision here, so most are just going to vote on vibes." At least someone's being straightforward.

California doesn't need more taxes. It needs to spend the historically enormous pile of money it already collects with something resembling competence. But competence doesn't make for great campaign ads, does it?