Correcting myself: California has corrected $7.4 billion _as of 2011_, after only six years of operation. Note that the tax is not indexed to inflation: alread

Correcting myself: California has corrected $7.4 billion _as of 2011_, after only six years of operation. Note that the tax is not indexed to inflation: already, the million-dollar threshold is worth only $715k in 2005 dollars. After another ~17 years at 2% inflation, the same tax will be charged on earners of $500k+ in 2005 dollars.