California is chasing wealth that has feet

California has an estimated $8.14 trillion in land wealth that cannot leave the state, yet the state is pursuing a billionaire wealth tax that will likely fail due to tax avoidance, as several billionaires have already relocated their tax residency out of state. The wealth tax's projected $20 billion annual revenue assumes a $2 trillion billionaire base that is being inflated by nearly half due to wealth flight and modeling errors, making land a far more reliable and stable tax base than mobile billionaire wealth.