Remember: This is not just a straightforward tax.
IIRC, it's a 8% tax. But it's not based on actual wealth value.
It's based on potential value, specifically in regard to what kind of stock is held.
If a rich person has a bunch of stock, that stock can be of different grades. Those grades have different voting power. If the rich person has a bunch of Grade-A stock, that stock might get 10x the number of votes in a corporation as compared to 1 vote a "normal" shareholder might get.
So if said rich person has $1B in stock, and that stock is all Grade-A with 10x voting power, then their assessed value is $10B. This makes the tax $800M instead of the 'paltry' $80M. The tax becomes 80% of their actual value.
I feel for the people fleeing this bullshit tax scheme.
So glad I'm leaving kommiefornia too.
If a rich person has a bunch of stock, that stock can be of different grades. Those grades have different voting power. If the rich person has a bunch of Grade-A stock, that stock might get 10x the number of votes in a corporation as compared to 1 vote a "normal" shareholder might get.
So if said rich person has $1B in stock, and that stock is all Grade-A with 10x voting power, then their assessed value is $10B. This makes the tax $800M instead of the 'paltry' $80M. The tax becomes 80% of their actual value.
That is fucking insane.
The idea of taxing unrealized capital gains is already retarded, but this makes it even worse.