Nathalie Kitro-Eff

Normally, the way people raise taxes on rich people is to tax their income.

And the other thing that's unusual is that the vast majority of it, 90 percent of the money, would go to this one purpose, health care.

And so how has this been received in California?

Interesting.

So how did it come about?

Basically, this is coming from something like a maverick operator in the world of unions.

And when he starts this thing, it's not like he has a huge coalition behind him.

And my understanding is the billionaires did not respond well to all this momentum.

I have to say, this is always something that wealthy people threaten to leave at any prospect of a tax increase, but they don't always follow through.

In this case, you're saying they actually did it.

By what?

Moving their jewels and boats and paintings and stuff?

What are we talking?

For those who are fighting it, what is our argument for why this tax is such a bad idea beyond just don't take my money?

I want it.

Their argument is basically that the state has a lot to lose from this tax, not just the billionaires.

Right.

Right.

We'll be right back.

Laurel, you said it was possible that the billionaires could assemble a strange bedfellows coalition to fight this tax.