How Low Can California's Billionaire Tax Go?

Kent Lindstrom says California's billionaire tax starts as a 5 percent tax on billionaires, and the legislature can make the tax recurring and lower the cutoff from billionaires to whoever lawmakers want.

California has a very left-leaning supermajority that votes for a new tax or fee pretty much every other day. If lawmakers decide a change fits the spirit of the bill, they can drop the tax to millionaires or to people with second homes. Ro Khanna, who represents Silicon Valley in Congress, has already said the tax should apply to everybody with 50 million dollars in assets. The move is a 95 percent drop in the asset level, and 50 million dollars is still a tremendous amount of money.

A farmer with 5 million dollars in the bank and 45 million dollars in land has no way to pay. The farmer goes bankrupt.