“until states like California will have to declare bankruptcy—whether they want to or not.”
As a Californian, this can’t happen soon enough. I just hope that when it does, the PE union people get hurt worse than anyone, and that they string up the RATs at the same time.
There will always be property and people in a state to tax ever higher. If you can't pay the new, super-high tax rate, they get your property for free and sell it to someone else.