I'm in utter disbelief

I really am. I saw this post by Matt Welch at reason, which led me to this post on the LA Times Opinion LA blog:

Democratic and Republican lawmakers in Sacramento just might be bailed out of their budget standoff by a new initiative that would slap a one-time wealth tax of 55% on Californians rude enough to have $20 million or more in property. The ballot measure wouldn't come to voters until June 2010 at the earliest, but that might not be a problem, seeing as how the current year's budget will probably still be stalled.

Secretary of State Debra Bowen announced today that the initiative is entering circulation. See the announcement here (pdf), and the initiative language here (pdf). The approach is, on the surface, the same as the Democrats' plan for closing California's gaping budget hole -- get it from the rich with new tax brackets. But the numbers differ and, when you get to the details you realize that this measure is creative. And by creative, I mean weird...

So, rich folk, you say you'd just take your money and Chevron stock and move to Telluride? Or the Bahamas? These guys are way ahead of you. The wealthy would have to pay to leave the state, whether their mode of exodus is a limousine or a pine box.

I read the PDF and it says the money (put into The Environmental Superfund) will be spent as follows:

1) To purchase 30% - 51% of the outstanding voting common stock of ExxonMobil Corporation.
2) To purchase 30% - 51% of the outstanding voting common stock of Chevron Corporation.
3) To purchase 30% - 51% of the outstanding voting common stock of General Motors Corporation.
4) To purchase 30% - 51% of the voting common stock of Ford Motor Company.
5) To purchase 30% - 51% of the outstanding voting common stock of Goldman Sachs Group.
6) To purchase 30% - 51% of the outstanding voting common stock of JP Morgan Chase Company.
7) To purchase 30% - 51% of the outstanding voting common stock of Citigroup Inc.

I just don't know what to think.