A one-off wealth tax on rich Californians may not succeed due to its design problems, but the issue persists. When billionaires avoid paying taxes, who picks up the tab? The answer is the rest of society, which suffers as wealth concentration affects the economy. If the US economy relies too much on a small group of wealthy households tied to the stock market, it risks a steep price in the next market correction.
Source: https://www.wsj.com/finance/billionaires-low-taxes-are-becoming-a-problem-for-the-economy-27a560ca