From the article (emphasis mine):

> The Billionaire Tax Act, which could be added to the state’s general election ballot in November, would impose a one-time tax of 5% on the total wealth of California tax residents whose net worth is $1 billion or more. While new taxes typically take effect after they’re approved, the proposed billionaire tax would apply to those who are California residents as of Jan. 1, 2026.

I don't always predict the future, but I can assure you that if this passes, it will not be "one-time".

The bill itself is a wild read too: https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%2...

Since the vast majority of billionaire holdings is not in real estate (which is excluded from the tax capture), but is instead in equities - you'd have to liquidate in order to pay the cash.

What are the second order effects of that?