Question is, would you buy stock (say pay $250,000 to buy index) if from then on you'd be subject to an annual 3% tax on the value of that stock? The value of the stock may go up or down due to the random component of the volatility but then the long term component would surely be depreciation. Weather you pay if from "your own pocket" (labor, etc) or just by selling some of the stock, the hard truth is the long term trend would be depreciation of the asset value. Unless some other mechanism would kick in to compensate. Like inflation or Ponzi schemes (which is what most stocks are).
Famous last word. Texans were laughing at CA, gave us a hard time about not investing in infrastructure to take care of emergencies.
You can always us Gorilla Glue for those rough spots and use as clear polish too. It is a permanent fix.
It gets worse in California, on top of property tax some of us paid >10% state income tax and 9% sales tax, all on top of Federal taxes. Trump took away deducting state taxes and property taxes on Federal filing so it is doubly painful after Trump. But it is a free country. We live in CA by choice, I could follow @destriero, move to Lake Tahoe for 6 month + 1 day and save a bunch, or follow Musk and move to Texas or give up my US citizenship and move to Singapore and save even more. But I think it is worth it and I am willing to help out the less fortunate. After all I cannot take things with me to the next world.
My family has a home in San Diego, but until recently I was in Tahoe 90% of the time. I'd post what I owe for 2020 but you wouldn't believe it. I pay taxes in two states and three counties.