Wealth tax voting-power multiplier distorts valuation

The current California wealth tax proposal contains a multiplier that values founders' shares by their voting rights, so a founder with 10x voting shares and $100 million of paper wealth would be assessed at a billion dollars and owe 5% (about $50 million), forcing them to dump shares that would then plummet in value—an incoherent design that has already triggered over a trillion dollars of capital flight.