> People subject to the wealth tax would report it to the Franchise Tax Board along with their income taxes. They would have to report all assets including stock in publicly and privately traded corporations...

Does this mean that if you have paper wealth in the form of illiquid founder shares in a startup, you'd be subject to the wealth tax? There's a nontrivial number of people that have more than "$30M" in stock in their name, but that wealth only exists on paper.

If you are a co-founder with 20% ownership of a $500M company, that's an extra $280k a year of personal taxes even if your company doesn't make it to an exit.

This could kill the startup industry.