I don't want a one-time, 5% wealth tax. I want a recurring wealth tax. At 0.5%, such a tax outpaces the one time 5% in ten years.

I would settle for one time 5%... but it's just so short-sighted. 5% in one sudden movement is actually a big ask... and are we actually going to be able to pull that off more than once?

A recurring wealth tax 1) is better in the long-term, 2) is less disruptive to the stock market (which we should care about, as long as this is the sustem we have) 3) makes for a more predictable economic environment, so people with money might actually still want to live in CA.