California’s “One-Time” Billionaire Tax. It’s much worse than it looks.

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My take on California’s “One-Time” Billionaire Tax. It’s much worse than it looks.

📉 Will it pass? Yes, likely.

It only needs 50%+1 voter approval. SEIU + CTA have done this before—Prop 55 won 63% in 2016.

⚖️ Will it get tied up in litigation?

Almost certainly.…

— Jason ✨👾SaaStr.Ai✨ Lemkin (@jasonlk) January 11, 2026