Prop 40 is not a good way to tax billionaires. A wealth tax is extremely messy. To institute an entirely new approach to taxation would create years of accounting and legal headaches, and only help short term.
And it’s hard to overstate how shortsighted a single-time tax is.
That’s not really a fair comparison, because “Chinese” is not a slur; it’s the preferred adjective (just like “Brazilian”).
I do think it’s a bit racist though, because it specifically exoticizes/others Chinese people/things.
I once knew a Mexican girl who went by “China” (“Chinese” in Spanish) because she was born with blonde hair, which makes no sense except that “Chinese” is used as a synonym for “weird”.