It almost looks like it‘s designed to fail. Probably all of those billionaires will be richer by the end of the year this tax comes into effect. Meanwhile the money raised from it won‘t be enough to solve all that many issues. It‘s not really supposed to but billionaires and their outlets will keep telling us how „taxing the rich was tried and failed!!!“ Mark my words.

I was going to answer how taxing income instead of assets is more effective because it emphasizes reinvesting and creating jobs. But billionaires shouldnt exist. Its just too much accumulated in one person.

I think it sets a precedent

Should be national. Statewide doesn’t make any sense

They would still assfuck your politicians. Elon Musk spent $90 million on a judge race in Wisconsin.

Every state where, "the money goblins will leave if X!!!" is threatened, that state ends up having more millionaire/billionaires after X happens.

And when they "leave" they don't leave, they buy another vacation home, their business interests stay put.

And of course, wherever they are, they aren't paying taxes. And you are paying their energy /water bills.

They seem to be moving to the Midwest lately anyway. To states where they can fuck over the environment with their data centers. But if they think they will move the entire business, including employees, there, I’m not so sure that will work out. The local yokels are fucked from decades of poor education, so they don’t have the tech skills. They will have a hard time importing brown people on H1B visas, because everyone in these states is racist as fuck (which is also why they moved there to begin with.) So that leaves US citizens with those skill sets, but they mostly live in blue areas and are not going to want to move to these places that won’t align with their lifestyle. So they’ll still have to have remote employees, or they think they can get rid of most of their employees and replace them all with their AI jizz fest. Which will be funny when it fails.

it isn't going to pass because they are spending millions of dollars on ads opposing it because that will be cheaper than paying taxes.

You still have that population who believe they'll become millionaires some day if they work hard so 5% is small enough that they might actually vote in favor

What you are probably thinking of is actually called a pillory. Stocks attached to your ankles, not the neck and wrists. I suppose they still allowed for the chucking of spoiled produce and eggs.