California governor opposes proposed billionaire tax, but he set the stage for it

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California, or at least an elite segment of the Golden State, is in the midst of a panic right now. Not because of earthquakes or wildfires — but because of a proposed “billionaires tax” that is already causing many of its wealthiest residents to flee for less punitive environs.

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The measure, as proposed, would see Californians with net worths in excess of $1 billion compelled to pay a one-time five per cent levy on their vast fortunes. There are an estimated 215 billionaires in California and the bill — if passed by voters this November — would be retroactive to January first of this year. Those impacted could cough up the tax as a one-time payment — or spread the levy over five years with interest.

The tax is being spearheaded by the Service Employees International Union-United Healthcare Workers West, which claims the money is needed to compensate for large cuts by the Federal government instituted by President Donald Trump that have impacted social services such as health care — most notably the Affordable Care Act. In total,