The most important thing about California’s proposed billionaire wealth tax is not that it targets billionaires. It is that it creates a new pathway for Sacramento politicians to tax ordinary wealth in the future without going back to voters statewide.

 That is the part voters need to understand before they get distracted by the campaign’s sales pitch. Today, Californians have a critical protection : If the state wants to impose this kind of direct tax on wealth, it needs voter approval.
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