anyone who ever lived and work in CA will be subject to a confiscatory CA tax at some point. Watch out.
That is the long-term problem; the short-term problem is that current residents/businesses get taxed up the wazoo with no return on it - the current revenues have to pay workers who retired decades ago, and nothing is left to hire current workers or fix stuff.
NJ is living through this now (for the same reason), and people & employers are fleeing. Who would move here, just to inherit a huge IOU?