Wealth taxes are extremely invasive. Commerce is inherently visible (because it necessarily involves other people). What you own is private. The cost of even

Wealth taxes are extremely invasive. Commerce is inherently visible (because it necessarily involves other people). What you own is private. The cost of even figuring out your net worth is substantial and would still be borne by people nowhere near the threshold... in fact, in the case of this bill everyone is required to report their assets to the state. The aggregate cost just from the reporting would probably dwarf the revenue. Regardless of your politics or your views on taxation this is plan and simple a bad law. https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB2088 https://leginfo.legislature.ca.gov/faces/billTextClient.xhtm... (Bill text)