Are the 1.5 million people that signed, contributing more in taxes than the billionaires they want to tax? I doubt it.

What will happen when the billionaires pick up shop and move to another state (which already happened in New York)? Will the people that signed somehow come up with the missing tax money>

Will the people that signed somehow come up with the missing tax money

It's not just that. Once such a framework is in place and to your point starts causing the state to hemorrhage money they can simply dial down the threshold until households making over a million, then 500K, then 100K and eventually everyone has to pay it. To your point NYC is about to go down this very slippery slope that nosedives off a steep cliff.

The money isn't even the biggest problem. Once people are taxed on their wealth (possessions) they must itemize literally everything they own for the government to determine their taxes. This is problematic for people that own things they should not be in possession of because not listing such things is becomes tax fraud. The long term goal is a Marxism tool of reform. There are a number of Marxists on HN and Reddit that are pushing for this. The goal is to eventually take away everyone's possessions via a Marxist framework. Everyone will live in the pods, eat the bugs and they will like it whether they like it or not.

What I can not predict is if this is the line by which people end up in a significant civil war or do people just vacate the state like I did and at some point do they pass "exit tax" laws to prevent people from leaving as they were discussing in the past. The discussion of exit taxes accelerated my relocation plans as was the case for many others I have met up with after the move. It's possible people may not even realize what impact this will have on them until it is far too late.