The proposed wealth tax in California is a terrible idea that punishes entrepreneurs holding illiquid stock.

“it's very difficult if you're an entrepreneur with a good idea to start building here because if you get stuck in success with a bunch of illquid stock and have no way to pay 5% of that value, you're going to bankrupt your own company. It just doesn't make any sense.”

The wealth tax initiative is unlikely to reach the ballot in California.

“I don't think it's going to get on the ballot.”

A wealth tax on unrealized capital gains is a confiscatory policy that will disincentivize entrepreneurship.

“I mean basically this this tax is directed at C Millionaires and billionaires to basically take 25% of what they have I mean that's basically what this is about”

A wealth tax is a simple, misleading sales pitch for socialism that demonizes wealthy individuals as the cause of the average person's economic struggles.

“So, you know, simplicity in messaging is the really important thing and you know, it's easy to give a simple socialist message to say, "We want to take from them cuz they have a lot and give it to you because you have a little." So, you know, it's a very easy sales pitch to pitch socialism or pitch ”

A global wealth tax is a necessary and enforceable tool to address billionaire tax avoidance, and countries can unilaterally implement it with exit taxes to prevent capital flight.

“So, any country can say first, we're going to tax our billionaires, and second, if they move, we'll keep taxing them. Period. We don't need China or the US to agree to any of that.”

The government should implement a 2% tax on wealth exceeding 10 million to address the accumulation of wealth by the very rich.

“My proposal is a 2% tax on wealth of above 10 million.”