The former meaning now seems official as Gov. Jay Inslee pushes for a "wealth tax." Wealthy citizens are already saying bye to the state in anticipation of what one Democratic billionaire recently called a "boneheaded" move.

The problem is that rich people can move. Unlike fixed assets like a mansion, they can take their wealth and taxes to other states without such laws.

The post from Senate Democrats supporting Senate Bill 5486 said, "The first $250 million of assessed value is exempted, meaning only the wealthiest people in Washington would pay the tax, including some of the wealthiest individuals in the world."

I have previously written against wealth taxes from both constitutional and practical perspectives in the federal system. Sen. Elizabeth Warren (D., Mass.) has long been a proponent of wealth taxes and the Biden Administration supported the effort.

The Wharton Budget Model at the University of Pennsylvania found that Warren's legislation would raise $2.7 trillion in revenue, but it would also reduce capital by 3.1%, depress average hourly wages by 1.2%, and reduce gross domestic product (GDP) by 1.2% in 2050.

It is part of an "eat the rich" pitch from liberal politicians and pundits.

When struggling in the 2020 Democratic presidential primaries, Sen. Elizabeth Warren (D-Mass.) pledged a wealth tax, declaring that she was coming after "the diamonds, the yachts, and the Rembrandts too." Then-New York City Mayor Bill DeBlasio, another Democratic contender at the time, was barely registering in the polls when he promised that "we will tax the hell out of the wealthy."

The federal constitutional problems are not barriers to the states. However, the effort to hammer the wealth has never worked for states or countries. France previously saw a massive exodus after it attempted to clip the most wealthy and had to reverse its policies.

Putting aside expected legal challenges, Democratic donor Nick Hanauer criticized state Democrats for the push and said he had already spoken to the wealthiest citizens about fleeing the state.