The issue at hand is the incredibly wealthy can pay close to nothing in income tax because they often borrow on their collateral vs. sell their holdings. Hence that 1% that PG equates to 20% tax is quite fair. Look at what Buffet says the percentage he pays is: https://finance.yahoo.com/news/warren-buffett-view-taxes-vs-.... Furthermore afaict the state proposals usually have a floor on how much of your wealth is taxed. I'm personally against the one time wealth tax by California for several reason but it only impacts those with a net worth of >= 1 billion.