Wall Street Journal: “California’s proposed billionaire tax has rattled its wealthiest residents and spurred fears the state could lose some of its most valuable taxpayers. It has divided Democratic leaders and sparked debate, admiration and derision around the country. It isn’t even on the ballot yet.”“First, the union behind the proposal must convince 875,000 registered voters to sign a petition to get on ballots in November. Then, it has to convince a majority of the state’s voters to pass it and impose a one-time 5% wealth tax on residents with net worth above $1 billion.”