And that makes it better? Only stealing 5% of the money someone else saves remains and only stealing it from the top 5% does not make it either right or good policy. Confiscation is still confiscation. If a government does this, the message is unmistakable - any government at any time reserves to right to take what you own and were already taxed for because they decide they need it.
And someday, assuming that you are in fact a Californian, they will need it from you.