I just went through the Forbes 400 list of the richest Americans and started counting, and guess what? A full 80 of the 400 live in California. That’s one out of every five billionaires in America, living right here in a state that can’t afford to educate its kids.
Then I took out my calculator and added up a long row of numbers and got a big one: The total net worth of the billionaires in California is $231.8 billion. Ten percent of that wipes out the budget deficit. And that doesn’t even count the folks worth $900 million or less; they didn’t make the list.
Folks: This is a very, very rich state. A very modest tax increase on a very tiny number of people could solve our budget problems not just today but into the foreseeable future.