It would have a very negative effect on the market. Having said that, what is even worse than that, the democrats holding a super majority in the State senate. All the tax propositions were a big waste of money. They now can raise taxes every month now. Here is a lovely scenario:
Hey governor, this is johnny goonba, president of the goonba union! Our retirement account is $5 BILLION dollar underfunded! How are we going to get the money? No worries, we will raise taxes for $6 Billion. $5 Billion for you and $1 Billion to buy more votes.
Liberalism is like an out-of-control 5 year old at McDonalds. All the talking to and admonishment won't make a difference. They have no concept of right or wrong, they are nothing more than narcissists.