tl;dr: California's proposed 5% billionaire wealth tax will fail because billionaires are mobile—several major targets have already relocated, forcing rates higher and driving more out. The Center for Land Economics argues a 0.25% land value tax would raise the same $20B annually on a base 8x larger ($8.14 trillion) that can't flee the state, while also fixing revenue distortions caused by Prop 13's frozen property assessments. Land value taxes hit concentrated wealthy holdings hardest, can't be passed to renters, and capture public-created value like transit-driven appreciation.