California’s Legislative Analyst’s Office found that the proposed wealth tax was likely to increase state tax revenue by tens of billions of dollars over several years. That analysis also found that the measure would decrease income tax revenue by hundreds of millions of dollars or more annually because some billionaires would leave the state.

It’s gambling a potential one-time revenue bump in exchange for massive ongoing losses, which would force cuts to schools and health care

God I fucking hate centerists, Trump's tax cuts take effect now and will cripple healthcare for years (you can't just rehire thousands of medical professionals), if fixing this means we need to increase taxes on billionaires by a different measure later that fine.

Also the Math

tens of billions of dollars over several years.

hundreds of millions of dollars or more annually

N x 10^10 > M x 10^8

100 N > M

The one time revenue is 100 times bigger, even if you tweak N & M, your looking at 30ish years before the total revenue is less.