Two takeaways here:
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I thought billionaires would leave the state if we taxed them?? Are you telling me there is a compelling reason that either they or their companies might want to stay located in CA? Who would have guessed?
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I'm OK with this. It is basically a corporate tax now instead of a personal tax. As long as CA gets the billions of dollars it needs from someone, I don't care where it comes from. We should be taxing corporations more and should be taxing billionaires more, but it is a start. Also, this fucks the shareholders who might maybe possibly think of restricting pay packages for him.