Re: Modeling a Wealth Tax

This posting doesn't address the compelling argument that people will go out-of-state and do whatever they can to avoid this tax, especially in our tech industry which is very rapidly become a remote-first one, even for startup founders (many YC companies of yesteryear were remote/distributed even!).

Raise taxes on earned income, don't steal from peoples' pockets. And prove to us that the tax revenue will be utilized efficiently first.

California needs affordable housing, functioning public transit, reasonably priced healthcare and pharmaceuticals, competitive public education, etc. I'm not convinced that we necessarily need to raise our already-high taxes in order to have these either (we should scrutinize and hold people accountable for current budget inefficiencies). Even still, a lot of these issues can be tackled via changes in policy, or can be better implemented in the private sector.

Footnote: I'm far from having any kind of wealth.

Another is the assumption most founders are in their 20's. versus 40,50,60s where compounding over 5,10 20 yrs isn't nearly as big of an impact.