California income tax has no carve outs for capital gains so I don’t know where you got that idea. Rich people specifically don’t like California because of the taxes (as compared to other No or low income tax states).

I assume you are referring to property taxes, but undoubtedly any “dynastic” family is going to have more tax liability from income than from property value.

Rich people love California, and all the other blue states with high income tax:

https://www.statista.com/statistics/294941/largest-ratio-mil...

Because they are nice places to live with strong economies and lots of amenities. Not because they have a lower tax burden.

yes but the point is that they love CA DESPITE the tax burden. In other words, tax them. They will come anyway because it is great there. And the taxes will pay for ever more lovely things like nature preserves and clean air and water and decent schools (yes they are pretty dang good in CA) and art, museums, science, tech, etc. And this will be a virtuous cycle (as it already has been).

The high taxes are the reason they’re nice places to live with strong economies and lots of amenities.

And that’s why rich people love living in blue states like California.

California has very, very low real estate tax.

That drives real estate values higher, and creates a big tax divide between owners and renters.

Newsom is quite close to that dynastic wealth, too- https://www.latimes.com/projects/la-pol-ca-gavin-newsom-san-...

He's not close, he is.

So, incredibly, unbelievably close.