Not sure if anyone could get such a policy change made given that California politics is now just "Whatever the California Democratic Party Wants" and they are very rigid in the ideas they accept.

But I think the proposal being discussed is 1000% more consistent with the principles of a free, non-communist society than the crazy "wealth tax," which sets the precedent that if the government thinks you have "too much" stuff, they can just declare that to be so, and come and take it. Given that the people in charge of drawing the line between "so rich that we need to take your stuff" and "not that rich" will be the same people who have blown up the state budget, I don't see why anyone would trust them.

(No, I'm not Zuck's sock puppet account -- I expect it won't be my turn for "wealth" confiscation for at least 5 years, worst case.)