What is that and what's the likelihood of it being enacted?
A ballot proposal is underway in California that would amend the State Constitution with a Wealth Tax. Specifically, this is an additional tax to be levied against high valued property, and high income (between 36.5% - 54.3% one-time tax) should a resident die, or decide to leave the State of California.
The writer of the proposal is a CPA and liberal activist by the name of Paul McCauley. In addition to taxing folks for trying to get out of California (or simply dying, for that matter), the proposal imposes an additional 17.5% tax on total incomes of taxpayers with income exceeding $150,000 (which, considering the cost of living here in California, that is not really that high of an income) if single, or $250,000 if married; imposes an additional 35% tax if income exceeds $350,000 for a single person or $500,000 for a married couple, and requires the State to acquire shares of specified corporations to influence environmental policies and practices.
The Dems have a super majority in Sacremento. they can now pass any tax they choose.
Any such ‘tax’ would be fast-tracked to the Supreme Court. It would be a violation of interstate commerce laws, IMO.