California Is Chasing Wealth That Has Feet (progressandpoverty.substack.com)

Land doesn't have feet, so it can't run away. But the people who want to live on expensive land have feet, and they can most certainly run away.

tax the wealth, over %NNN million. the moment one gets a loan with shares as collateral, the wealth is measured and taxed at the real estate rate (or different).

the proceeds fund the UBI. problem solved.

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