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People I know, with a collective net worth of $500B, scrambled and left California for good yesterday. They took no risk because of the proposed asset seizure tax - introduced as a “Billionaire Tax”. Without these people, the California budget deficit will only get bigger. This hole gets filled in one of two ways: more borrowing from the bond market - who is purely financial and unforgiving or more taxes on everyone else. Meanwhile waste, fraud and abuse runs rampant from the hundreds of billions in revenues the state already collects.